US Free Trade Agreements
The United States has implemented 14 trade agreements with a total of 20 countries.
The U.S.-Australia Free Trade Agreement went into force on January 1, 2005. Since then the U.S. has maintained a trade surplus, which totaled $9.3 billion in 2016. The same year, the United States exported $16.6 billion in goods and imported $7.3 billion in Australian products.
Since its implementation in August 2006, the U.S.-Bahrain Free Trade Agreement has increased export opportunities for American business. U.S. exports to Bahrain, which totaling $652.3 million in 2016, have been have been consistently higher since the FTA has been in effect. Two-way goods trade reached 1.2 billion in 2016, up 61% since 2005.
Central American Free Trade Agreement (CAFTA-DR)
Costa Rica: Costa Rica implemented CAFTA-DR on January 1, 2009. The President signed implementing legislation on August 2, 2005. In 2016, American firms exported $4.3 billion in goods to Costa Rica, and Costa Rica sent $3.3 billion in imports to the United States.
Dominican Republic: Since the implementation of CAFTA-DR in March 2007, the United States has maintained a strong trade surplus with the Dominican Republic. In 2016, the United States exported $5.7 billion in goods and imported $3.5 billion in products from the Dominican Republic.
El Salvador: Since implementing CAFTA-DR in March 2006, the United States has maintained a trade surplus with El Salvador. In 2016, the United States exported $2.1 million in goods to El Salvador, while importing $1.9 million in Salvadorian goods.
Guatemala: Since Guatemala implemented CAFTA-DR in July 2006, U.S. exports have increased sharply, and were up by 56% in 2016 at $4.4 billion. The United States also imported $3 billion in goods from Guatemala that year.
Honduras: Since Honduras joined CAFTA-DR in April 2006, the United States has held a trade surplus with Honduras. In 2016, U.S. businesses exported $3.7 billion in goods to Honduras. Americans also imported $3.5 billion in Honduran goods.
Nicaragua: Since Nicaragua joined CAFTA-DR in April 2006, U.S. exports to Nicaragua have been consistently up. In 2016, two-way trade in goods between the two countries totaled nearly $3.7 billion.
Since the U.S.-Chile Free Trade Agreement went into force in January 2004, U.S. exports to Chile have increased from 2.7 billion in 2003 to more than 10 billion in 2016. Chilean exports to the United States have increased from 3.7 billion in 2003 to $6.7 billion in 2016.
Negotiations between Colombia and the United States concluded in February 2006, and the agreement was implemented on May 15, 2012. In 2016, the United States imported $10.4 billion in goods from Colombia and exported goods valued at $9.7 billion to Colombia.
The U.S.-Israel Free Trade Agreement, our nation’s first free trade agreement, went into force on September 1, 1985. Since the FTA went into effect, total two-way goods trade with Israel has quintupled from $4.7 billion in 1985, to over $27 billion in 2016.
Since the implementation of the U.S.-Jordan Free Trade Agreement in December 2001, two-way goods trade between the U.S. and Jordan has grown over 350%, from $568 million in 2001 to more than $2 billion in 2016.
Since the U.S.-Morocco Free Trade Agreement was implemented in January 2006, the United States has maintained a trade surplus with Morocco. In 2016, U.S. exports to Morocco were up 269% at 1.2 billion, while U.S. imports from Morocco totaled $788 million.
North American Free Trade Agreement (NAFTA)
NAFTA went into effect on January 1, 1994. Exports under NAFTA support more than three million American jobs. In NAFTA’s first ten 10 years, trade in goods among the three countries more than doubled from approximately $293 billion in 1993 to nearly $627 billion in 2003. In 2016, goods-trade between the U.S. and the two NAFTA trading partners totaled nearly $800 billion.
Oman was the fifth Middle Eastern country to sign an FTA with the U.S, and the U.S.-Oman Free Trade Agreement was implemented in January 2009. In 2016, the United States exported $1.2 billion in goods to Oman and imported $882 million in Omani products.
The U.S.-Panama Trade Promotion Agreement was signed in October 2011, and it went into effect on October 31, 2012. The U.S. has maintained a consistent trade surplus with Panama under the agreement. In 2016, the United States exported $4.6 billion in goods to Panama while importing $3056 million in Panamanian products.
The U.S.-Peru Trade Promotion Agreement was signed in December 2007. Since then, the United States has maintained a strong trade surplus with Peru. U.S. exports to Peru were up 43% in 2016 at $5.9 billion, while Peruvian imports totaled $4.3 billion.
Since the U.S.-Singapore Free Trade Agreement entered into force in January 2004, the U.S. has maintained a trade surplus with Singapore which totaled $5.6 billion in 2016. The same year, the United States exported $19.6 billion in goods to Singapore while importing $13.9 billion in goods from Singapore.
The Korea-U.S. Free Trade Agreement (KORUS-FTA) entered into force on March 15, 2012. Korea is the United States’ sixth largest trading partner, with two-way goods trade valued at approximately $84.3 billion in 2016. American exports to Korea were valued at $30.7 billion, while imports from Korea totaled $53.5 billion that year.