List of Us Trade Agreements
When it comes to international trade, the United States has been one of the most active players in the world, negotiating numerous trade agreements with various countries around the globe. These agreements have helped the U.S. economy by increasing exports, creating job opportunities, and strengthening relationships with other nations.
If you`re looking for a comprehensive list of U.S. trade agreements, here are some of the most notable ones:
1. North American Free Trade Agreement (NAFTA) – This agreement was signed in 1994 between the U.S., Canada, and Mexico, creating a trilateral trade bloc in North America. NAFTA has facilitated the movement of goods and services, increased investment, and promoted economic growth in all three countries.
2. United States-Mexico-Canada Agreement (USMCA) – A renegotiated version of NAFTA, the USMCA was signed in 2018 and went into effect on July 1, 2020. The agreement updated and modernized the original NAFTA, addressing issues such as labor standards, intellectual property, and digital trade.
3. Trans-Pacific Partnership (TPP) – This agreement was signed in 2016 between the U.S. and 11 other countries in the Asia-Pacific region. The TPP aimed to reduce trade barriers, promote economic growth, and increase investment among participating countries. However, the U.S. withdrew from the agreement in 2017.
4. Generalized System of Preferences (GSP) – This program provides duty-free treatment for eligible products from developing countries, including many in Africa, Asia, and South America. The GSP is designed to promote economic growth in these countries by providing them with greater access to the U.S. market.
5. Central America-Dominican Republic Free Trade Agreement (CAFTA-DR) – This agreement was signed in 2004 between the U.S. and five Central American countries (Costa Rica, El Salvador, Guatemala, Honduras, and Nicaragua), as well as the Dominican Republic. CAFTA-DR eliminated tariffs on a wide range of goods, increased investment, and promoted economic cooperation among the participating countries.
6. Free Trade Agreement with South Korea (KORUS FTA) – This agreement was signed in 2007 between the U.S. and South Korea, and went into effect in 2012. KORUS FTA eliminated tariffs on a wide range of goods, increased investment, and strengthened economic ties between the two countries.
7. U.S.-Japan Trade Agreement – This agreement was signed in 2019 and went into effect in 2020. The agreement eliminates or reduces tariffs on a wide range of products, including agricultural goods, and is expected to increase U.S. exports to Japan.
These are just a few of the many U.S. trade agreements that are in effect today. By promoting economic growth, reducing trade barriers, and creating new opportunities for businesses, these agreements are an essential component of U.S. trade policy and have helped to strengthen the country`s economic ties with the rest of the world.