A Korea-United States Free Trade Agreement (KORUS FTA) has the potential to increase trade between the United States and Korea, improving an already strong relationship. Iowa in particular stands to gain from increased business ties, as the KORUS FTA will support jobs in the State through increased market access for the State’s exports of both goods and services, and reduced costs for raw materials imported by Iowa’s manufacturers.
TOP EXPORT CATEGORIES (Millions)
- Fresh, chilled pork meat $12.2
- Certain turbines 7.5
- Blood products 6.7
- Frozen pork meat 6.4
- Aircraft engines and parts 5.2
- Sausages 5.1
AT $169 MILLION IN 2009, KOREA IS IOWA’S 9th LARGEST EXPORT MARKET
Upon implementation of the KORUS FTA, more than one third of Iowa’s exports to Korea will be duty-free. Immediate tariff elimination gives Iowa exporters a $2 million cost advantage over similar products exported by competitors who do not have an FTA with Korea.
The KORUS FTA Would Help Iowa Workers Across the State by Opening Foreign Markets and Lowering Costs
For additional company stories, see the Business Roundtable's interactive map at: http://korea.businessroundtableinteractives.org
Brigitte Schmidt Gwyn, Senior Director, Congressional Relations