According to the report, the U.S. saw an increase of $4.8 billion to $5.3 billion in exports following the trade agreement that entered effect in 2012. (image: KobizMedia/ Korea Bizwire)
SEOUL, Sept. 28 (Korea Bizwire) – A recent report from the U.S. Department of Commerce highlighted South Korea’s role in creating jobs in America, indicating that the Korea-U.S. Free Trade Agreement is yielding positive outcomes despite recent criticism from Donald Trump.
The Republican presidential candidate has ceaselessly condemned the trade pact as part of his campaign, claiming that the agreement is taking away jobs from Americans, and calling for the deal to be renegotiated.
In the September report “Jobs Supported by Export Destination 2015”, South Korea ranked fourth in creating new jobs through American exports of goods, with 55,000 jobs added since 2009. Mexico led the list with 296,000, followed by China (184,000) and Canada (110,000).
In total, 890,000 jobs have been created by exports since 2009, the report said.
This is not the first time that the U.S. government touts the positive effects of the trade agreement.
In June, the U.S. International Trade Commission said in a report (Economic Impact of Trade Agreements Implemented Under Trade Authorities Procedures) that the Korea-U.S. FTA had a positive effect on the American economy, including increased investment, consumer benefits, and trade profits.
According to the report, the U.S. saw an increase of $4.8 billion to $5.3 billion in exports following the free trade agreement that entered effect in 2012.
The U.S. is the second-largest importer of Korean goods, accounting for roughly 15 percent of all exports, after China, with 26 percent.
By Kevin Lee (kevinlee@koreabizwire.com)
