The free trade agreement between the United States and Morocco came into force on January 1, 2006. When the agreement came into force, 95% of U.S. consumer and skilled industrial products were immediately exempt from tariffs. Tariffs on most of the remaining skilled products will be abolished over a period of up to nine years. For a limited number of products, tariffs will be phased out over a period of up to 15 years. The United States has free trade agreements with 20 countries. These free trade agreements are based on the WTO agreement, with broader and stronger disciplines than those of the WTO. Many of our free trade agreements are bilateral agreements between two governments. But some, such as the North American Free Trade Agreement and the Dominican Republic-Central America-U.S. Free Trade Agreement, are multilateral agreements between several parties. Trade agreements help open markets and expand opportunities for U.S. workers and businesses, and can help U.S. companies more easily enter and compete with the global marketplace.
The United States and Panama signed the U.S.-Panama trade agreement on June 28, 2007. Panama approved the agreement on 11 July 2007. The agreement was implemented on May 15, 2012. Panama The U.S.-Panama Trade Promotion Agreement was signed in October 2011 and came into force on October 31, 2012. The United States maintained a consistent trade surplus with Panama under the agreement. In 2016, the United States exported $4.6 billion worth of goods to Panama, while it imported $3056 million in Panamanian products. USTR US-PANAMA TPA Page» In November 2004, Australia and the United States exchanged letters containing information on the implementation of certain aspects of AUSFTA with respect to intellectual property rights and exchanged notes confirming their understanding of the matter. USTR is primarily responsible for the management of U.S.
trade agreements. These include monitoring the implementation of trade agreements with the United States by our trading partners, the application of U.S. rights under those agreements, and the negotiation and signing of trade agreements that advance the President`s trade policy. The United States and the Republic of Korea signed the U.S.-Korea Free Trade Agreement (KORUS Free Trade Agreement) on June 30, 2007. The United States and the Republic of Korea implemented the agreement on March 15, 2012. On 18 November 2003, the USTR informed the US Congress of the government`s intention to open free trade negotiations with Bolivia, Colombia, Ecuador and Peru, all beneficiaries of the Air Preferences Act (ATPA). Negotiations were scheduled to begin in the second quarter of 2004 and begin with Colombia and Peru. The North American Free Trade Agreement (NAFTA) came into force on January 1, 1994.
NAFTA exports support more than three million U.S. jobs. In the first ten years of NAFTA, merchandise trade between the three countries more than doubled from some $293 billion in 1993 to nearly $627 billion in 2003.