Korea Free Trade Agreement pending signature
Congresswoman Madeleine Bordallo says Guam businesses will benefit from Congress' recent passage of the U.S./Korea Free Trade Agreement Implementation Act.
October 12, 2011Updated: October 12, 2011
By Super Admin
By Super AdminGuam - Congresswoman Madeleine Bordallo says Guam businesses will benefit from Congress' recent passage of the U.S./Korea Free Trade Agreement Implementation Act. Under the FTA, 95% of bilateral trade in industrial and consumer products would become duty free within three years, and most remaining tariffs would be eliminated within ten years.
The elimination of tariffs alone is estimated to add between $10 billion to $11 billion to the United States gross domestic product and create approximately 70,000 jobs nationwide.