The United States has free trade agreements with 20 countries. These free trade agreements are based on the WTO agreement, with broader and stronger disciplines than those of the WTO. Many of our free trade agreements are bilateral agreements between two governments. But some, such as the North American Free Trade Agreement and the Dominican Republic-Central America-U.S. Free Trade Agreement, are multilateral agreements between several parties. The agreement entered into force on August 1, 2006. All bilateral trade in industrial goods and consumer goods will be exempt from tariffs as soon as the agreement enters into force. In addition, Bahrain and the United States will provide immediate duty-free access to virtually all products in their tariff plans and will eliminate tariffs on the handful of remaining products within 10 years. Trade agreements help open markets and expand opportunities for U.S. workers and businesses, and can help U.S. companies more easily enter and compete with the global marketplace.
Detailed descriptions and texts of many U.S. trade agreements can be accessed through the Left Resource Center. USTR is primarily responsible for the management of U.S. trade agreements. These include monitoring the implementation of trade agreements with the United States by our trading partners, the application of U.S. rights under those agreements, and the negotiation and signing of trade agreements that advance the President`s trade policy. The free trade agreement between the United States and Morocco came into force on January 1, 2006. When the agreement came into force, 95% of U.S. consumer and skilled industrial products were immediately exempt from tariffs. Tariffs on most of the remaining skilled products will be abolished over a period of up to nine years. For a limited number of products, tariffs will be phased out over a period of up to 15 years. Colombia, which then joined Peru and Ecuador and in which Bolivia participated as an observer, began free trade negotiations with the United States on 18 May 2004.
After thirteen rounds of negotiations, Colombia and the United States concluded their free trade agreement on 27 February 2006. On August 24, 2006, a Memorandum of Understanding was sent to Congress to conclude a free trade agreement. The Colombia-U.S. trade agreement was signed on November 22, 2006. In Colombia, the agreements were approved by Congress on 14 June 2007. The United States has implemented 14 trade agreements with a total of 20 countries. Another important type of trade agreement is the Trade and Investment Framework Agreement. TIFA provides a framework for governments to discuss and resolve trade and investment issues at an early stage. These arrangements are also a means of identifying and working, if necessary, for capacity building. Free Trade Agreement Australia – Environmental Chapter Text The U.S.-Peru trade agreement was implemented on February 1, 2009.
Under the agreement, 80% of U.S. exports of consumer goods and industrial products to Peru were immediately duty-free and the remaining tariffs were phased out for more than 10 years. Australia The U.S.-Australia Free Trade Agreement came into force on January 1, 2005. Since then, the United States has maintained a trade surplus of $9.3 billion in 2016.