The two countries will reduce or eliminate tariffs, import quotas, export restraints, and other trade barriers to encourage trade and investment. In the United States, the Office of Bilateral Trade Affairs minimizes trade deficits through negotiating free trade agreements with new countries, supporting and improving existing trade agreements, promoting economic development abroad, and other actions.
Understanding Bilateral Trade
The goals of bilateral trade agreements are to expand access between two countries’ markets and increase their economic growth. Standardized business operations in five general areas prevent one country from stealing another’s innovative products, dumping goods at a small cost, or using unfair subsidies. Bilateral trade agreements standardize regulations, labor standards, and environmental protections.
The United States has signed bilateral trade agreements with 20 countries. It formed bilateral, free trade agreements with Israel (1985), Jordan (2001), Australia, Chile, Singapore (2004), Bahrain, Morocco, Oman (2006), Peru (2007), and with Panama, Colombia, South Korea (2012). The Dominican Republic - Central America FTR (CAFTA - DR) is a free trade agreement signed between the United States and smaller economies of Central America. These are El Salvador, Dominican Republic, Guatemala, Costa Rica, Nicaragua, and Honduras. NAFTA replaced the bilateral agreements with Canada and Mexico in 1994.
No comments:
Post a Comment