Waterjet systems manufacturer Jet Edge, Inc. recently became one of the first U.S. companies to take advantage of the United States’ new free trade agreement with South Korea, shipping two containers of industrial ultra-high pressure waterjet equipment valued at more than $700,000 USD to the Republic of Korea.
Under the United States-Korea Free Trade Agreement (KORUS FTA), which went into effect March 15, 2012, some 80 percent of U.S. industrial and commercial exports to Korea are now duty free, nearly 95 percent of trade will become duty free within five years, and most remaining tariffs will be eliminated within 10 years. The KORUS FTA is the United States’ most significant trade deal since the North American Free Trade Agreement with Mexico and Canada in 1994. It is expected to add $10-12 billion to annual U.S. Gross Domestic Product.