Israel The free trade agreement between the United States and Israel, our country`s first free trade agreement, came into force on September 1, 1985. Since the free trade agreement came into force, trade in two-lane goods with Israel has increased five-fold, from $4.7 billion in 1985 to more than $27 billion in 2016. USTR UNITED States-Israel FTA Page » Australia The U.S.-Australia Free Trade Agreement came into force on January 1, 2005. Since then, the United States has maintained a trade surplus of $9.3 billion in 2016. In the same year, the United States exported $16.6 billion worth of goods and imported $7.3 billion in Australian products. USTR Australia FTA Page » The BTA is the most comprehensive trade agreement ever signed by Vietnam. Below are a number of links that provide additional information about the BTA. Several reports at the top of the link list contain readable summaries and/or explanations of what the BTA covers and means. Please note that non-U.S. companies websites and government reports do not represent the views of the U.S.
government and are not relevant interpretations of the BTA. South Korea The Free Trade Agreement (KORUS-FTA) came into force on 15 March 2012. Korea is the sixth largest trading partner of the United States with a value of approximately $84.3 billion in 2016. U.S. exports to Korea were estimated at $30.7 billion, while Korean imports totalled $53.5 billion this year. USTR South Korea FTA Page » The Transatlantic Trade and Investment Partnership would remove current barriers to trade between the United States and the European Union. This would be the largest agreement ever reached by the North American Free Trade Agreement. Negotiations were suspended after President Trump took office.
Although the EU is made up of many Member States, it can negotiate as a unit. The TTIP thus becomes a bilateral trade agreement. In October 2014, the United States and Brazil ended a long-running dispute over cotton in the World Trade Organization (WTO). Brazil terminated the case and waived its right to counter-measures against U.S. trade or any other litigation. Compared to multilateral trade agreements, bilateral trade agreements are easier to negotiate, since only two nations are parties to the agreement. Bilateral trade agreements are initiating and reaping trade benefits faster than multilateral agreements. In the United States, the Office of Bilateral Trade Affairs minimizes trade deficits by negotiating free trade agreements with new countries, supporting and improving existing trade agreements, promoting economic development abroad and other measures.
Peru The trade promotion agreement between the United States and Peru was signed in December 2007. Since then, the United States has maintained a large trade surplus with Peru. U.S. exports to Peru increased 43 percent in 2016 to $5.9 billion, while Peruvian imports were $4.3 billion. USTR Peru FTA Page » Bilateral agreements increase trade between the two countries. They open markets to successful sectors. If companies take advantage of it, they create jobs. In addition to creating a U.S. commodity market, expansion has helped spread the mantra of trade liberalization and promote open borders to trade. However, bilateral trade agreements can distort a country`s markets when large multinationals, with considerable capital and resources to operate on a large scale, enter a market dominated by smaller players.
As a result, they may have to close their stores if they compete. Jordan Since the implementation of the U.S.-Jordan Free Trade Agreement in December 2001, U.S.-U.S. trade has been two-way.