South Korea ranks 6th in the world for U.S. high-tech exports
TechAmerica Foundation released the 34th edition of its ongoing Competitiveness Series, showing that South Korea is the sixth largest market for high-tech goods from the United States, and highlighting the benefits of passing the U.S.-Korea Free Trade Agreement.
The United States exported $9.7 billion in high-tech goods to South Korea in 2010, up from $7.0 billion in 2009, a 39 percent increase. The United States exports more to South Korea than to France and Australia combined.
“Passing the Free Trade Agreement with South Korea will make 95 percent of consumer and industrial products duty free in just three years,” said Josh James, vice president, research and industry analysis, TechAmerica Foundation. “Without this agreement, the United States risks being at a competitive disadvantage when compared with the European Union, which recently concluded its own Free Trade Agreement with South Korea that could go into effect as early as July 2011.”
The U.S.-Korea Free Trade Agreement eliminates many tariffs and includes provisions aimed at non-tariff barriers. The agreement benefits the tech industry by:
- Strengthening intellectual property protection;
- Improving access to electronic commerce and electronic authentication;
- Expanding access for U.S. producers of telecommunications products;
- Providing transparency of technical regulations;
- Allowing U.S. suppliers greater rights for procurement from the Korean governmental bodies; and
- Increasing efficiencies in customs administration.
– Edited by Gust Gianos, CFE Media, Control Engineering, www.controleng.com