January 01, 2010
Virginia and Korea – A Growing Partnership
Related Studies & Resources
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. Virginia 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 Virginia’s manufacturers.
TOP EXPORT CATEGORIES (Millions)
- Bituminous coal $58.8
- Certain kraft paper 27.4
- Integrated circuit memories 18.3
- Artificial filament tow 17.9
- Beauty and skin care products 8.1
- Textile wading 6.1
AT $277 MILLION IN 2009, KOREA IS VIRGINIA’S 14th LARGEST EXPORT MARKET
Upon implementation of the KORUS FTA, three-quarters of Virginia’s exports to Korea will be duty-free. This tariff elimination gives Virginia exporters a $4 million cost advantage over similar products exported by competitors who do not have an FTA with Korea.
The KORUS FTA Would Help Virginia 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