Korea Free Trade Agreement (KORUS FTA) Social Sciences Essay (Essay Sample)
The United States of America – Korea Free Trade Agreement (KORUS FTA) first took effect on 15th March 2012. KORUS FTA plays an integral part in the economies of the USA and the Republic of Korea. In particular, it is one of the president's efforts to create new opportunities for employees, businesses, and farmers through improved access to services and products in foreign markets. KORUS FTA promotes the integration of the Korean and the USA economies, which enhances the competitiveness of organizations in both countries. The paper focuses on the effects of KORUS FTA to investors who might want to start operations in the Republic of Korea.
KORUS FTA has significant impacts on a company strategic decision-making. In reality, the implementation of this trade agreement boosted the exportation and importation of products and services in the USA and the Republic of Korea. For example, the trade of goods and services between the two countries totaled to approximate $154.8 billion in 2017 where the imports were $82.3 billion, and exports were $72.5 billion (Office of the United States of America Trade Representative, n.d.). Investors from the USA willing to open a firm in Korea can take products and services without government restrictions. Another way that KORUS FTA can affect a business strategic decision-making process is due to the implementation of tariffs or levies (Russ, Swenson, & Stangl, 2017). In this case, the trade agreement slashed taxes on various commodities that are traded between the USA and the Republic of Korea. The USA has increased access to the Korean market, which creates a conducive environment for investors to study its strengths and weaknesses.
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