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Utilizing Free Trade Agreements

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Posted by Brooks Whiting, Intern
In a seminar held by the WTC, attendees learned about Free Trade Agreements (FTA) and how to take advantage of them. These included NAFTA, S. Korea, Colombia, and Panama. 

The most notable benefit of a FTA is the reduction or elimination of tariffs on imported goods.  Another benefit directly associated with FTA's is that exported goods originating from the United States receive a lower duty from the agreement than imports sourced from countries without free trade agreements.  Currently, the United States has joined with 20 countries and negotiated 14 active FTA's.  A listing of these active FTA's is available from the Office of the United States Trade Representative (USTR) website.  The United States is also in negotiations for regional FTA's, such as the Asia-Pacific trade agreement called theTrans-Pacific Partnership (TPP) Agreement and the European Union trade agreement called the Transatlantic Trade and Investment Partnership (T-TIP)