There are 14 U.S. free trade agreements in force with 20 countries: Australia, Bahrain, Chile, Colombia, Israel, Jordan, Korea, Morocco, Oman, Panama, Peru, Singapore; DR-CAFTA (Costa Rica, Dominican Republic, El Salvador, Guatemala, Honduras and Nicaragua); AND NAFTA (Canada and Mexico). Israel The free trade agreement between the United States and Israel, our country`s first free trade agreement, came into force on September 1, 1985. Since the free trade agreement came into force, trade in two-lane goods with Israel has increased five-fold, from $4.7 billion in 1985 to more than $27 billion in 2016. USTR USA-Israel FTA Page” Panama The US-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” Morocco Since the implementation of the free trade agreement between the United States and Morocco in January 2006, the United States has maintained a trade surplus with Morocco. In 2016, U.S. exports to Morocco increased 269 percent to $1.2 billion, while U.S.
imports from Morocco were $788 million. USTR U.S.-Morocco FTA Page” A free trade agreement is an agreement between two or more countries whereby countries agree on certain obligations affecting trade in goods and services as well as investor protection and intellectual property rights. For the United States, the primary objective of trade agreements is to remove barriers to U.S. exports, protect U.S. interests abroad, and improve the rule of law in partner countries or countries of the free trade agreement. Removing trade barriers and creating a more stable and transparent business and investment environment make it easier and cheaper for U.S. companies to export their products and services to the markets of their trading partners. Free trade agreements or free trade agreements have many advantages and can sometimes be complex to understand. Find out what a free trade agreement is. Which countries have agreements with which the United States has agreements? How can your business benefit? What is the impact of free trade agreements on my company`s imports and/or exports? The North American Free Trade Agreement (NAFTA) came into force on January 1, 1994.