Bahrain Since its implementation in August 2006, the U.S.-Bahrain Free Trade Agreement has increased export opportunities for U.S. companies. U.S. exports to Bahrain, which totaled $652.3 million in 2016, have been consistently higher since the free trade agreement came into force. Two-way trade reached EUR 1.2 billion in 2016, up 61% from 2005. USTR Bahrain FTA Page» Although they generally make headlines, these disputes currently account for only about 2% of EU-US trade. Morocco Since the implementation of the free trade agreement between the United States and Morocco in January 2006, the United States has maintained a trade surplus with Morocco. In 2016, U.S. exports to Morocco increased 269 percent to $1.2 billion, while U.S. imports from Morocco were $788 million. USTR US-Morocco FTA Page» Beginning with the Theodore Roosevelt government, the United States has become an important player in international trade, particularly with its neighboring territories in the Caribbean and Latin America.
Today, the United States has become a leader in the free trade movement and supports groups such as the General Agreement on Tariffs and Trade (later the World Trade Organization). [Citation required] The United States began negotiating bilateral and multilateral free trade agreements with the following countries and blocs: Peru The U.S.-Peru Trade Promotion Agreement was signed in December 2007. Since then, the United States has maintained a large trade surplus with Peru. U.S. exports to Peru increased 43 percent in 2016 to $5.9 billion, while Peruvian imports were $4.3 billion. USTR Peru FTA Page» A free trade agreement is an agreement between two or more countries whereby countries agree on certain obligations regarding trade in goods and services as well as the protection of investors and intellectual property rights. For the United States, the primary objective of trade agreements is to remove barriers to U.S. exports, protect U.S. interests abroad, and improve the rule of law in partner countries or countries of the free trade agreement. Removing trade barriers and creating a more stable and transparent business and investment environment make it easier and cheaper for U.S. companies to export their products and services to the markets of their trading partners.
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. Israel The free trade agreement between the United States and Israel, our country`s first free trade agreement, came into force on September 1, 1985. Since the free trade agreement came into force, trade in two-lane goods with Israel has increased five-fold, from $4.7 billion in 1985 to more than $27 billion in 2016. USTR U.S.-Israel FTA Page» 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. For two economies of this size with such a high volume of trade, the EU and the United States inevitably face a number of trade disputes that are resolved through the WTO dispute settlement mechanism. The United States is a party to many free trade agreements around the world. The United States has implemented 14 trade agreements with a total of 20 countries. The North American Free Trade Agreement (NAFTA) came into force on January 1, 1994.