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How to Benefit from Free Trade Agreements
Posted By rosannatorres On July 18, 2012 @ 8:08 am In Foreign Trade Data | No Comments
By: Melissa Scott
Many of you are probably aware that three free trade agreements (FTAs) were approved in October, 2011 – South Korea, Colombia and Panama . The U.S. – Korea FTA became effective March 15, 2012, and the U.S. – Colombia FTA became effective on May 15, 2012. Panama is targeted to enter into force by the end of 2012.
As soon as Free Trade Agreements are published in the Federal Register , the Census Bureau’s, Foreign Trade Division  hits the ground running to implement all of the necessary program changes to ensure the U.S. trade statistics capture FTA related trade as soon as possible. This is approximately 40 to 42 days after the end of the statistical month.
Interestingly enough, following the U.S. – Korea agreement, April imports from South Korea were the highest on record at $5.5 billion. For more detailed information about the most current import and export statistics on South Korea, and all U.S. trading partners, go to USATradeOnline .
Another great resource that can help answer your questions about how the U.S.- Korea and other trade agreements can benefit you is the FTA Tariff Tool ! The FTA Tariff Tool combines tariff and trade data into a simple and easy-to-search interface. Key features of using the tool include:
A current limitation to the FTA Tariff Tool is that it covers only “industrial good” products. Work is ongoing to add agricultural and textile products to future versions of the Tariff database.
Ultimately, these resources can help you calculate appropriate pricing for your product, identify new markets, and take full advantage of the U.S. trade agreements!
Article printed from Global Reach Blog: http://globalreach.blogs.census.gov
URL to article: http://globalreach.blogs.census.gov/2012/07/18/how-to-benefit-from-ftas/
URLs in this post:
 South Korea, Colombia and Panama: http://blogs.state.gov/index.php/site/entry/passage_of_colombia_panama_and_south_korea_trade_agreements/
 Federal Register: http://www.gpo.gov/fdsys/browse/collection.action?collectionCode=FR
 Foreign Trade Division: http://www.census.gov/foreign-trade/
 USATradeOnline: http://usatrade.census.gov/
 FTA Tariff Tool: http://export.gov/fta/ftatarifftool/ftamain.aspx
 U.S. Census Bureau’s Schedule B Search Engine: http://uscensus.prod.3ceonline.com/