The United States has free trade relations with 17 nations. The last free trade agreement was completed in 2007 with Peru. It could still take several months to work out the final formalities before the current agreements go into force. The South Korean parliament is expected to sign off on its agreement this month.
The administration says the agreement with South Korea, America's seventh-largest trading partner, will increase U.S. exports by more than $10 billion and support 70,000 American jobs. It would make 95 percent of American consumer and industrial goods duty free within five years.
The agreement, the White House said in a statement, will give American businesses, farmers, workers, ranchers, manufacturers, investors and service providers "unprecedented access to Korea's nearly $1 trillion economy."
Supporters say that the Colombia deal, in addition to opening up markets that have been restricted because of high tariffs, would be a gesture of political support for President Juan Manual Santos, who has been a strong ally of the United States.
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