U.S.-South Korea (KORUS) FTA and Bilateral Trade Relations [Updated July 27, 2022] [open pdf - 587KB]
From the Document: "The U.S.-South Korea free trade agreement (KORUS FTA) entered into force in March 2012. The agreement has reduced and, in most cases, eliminated tariff and non-tariff barriers between the two parties on manufactured goods, agricultural products, and services; provides rules and disciplines on investment, intellectual property rights (IPR) and other issues; commits both countries to maintain certain worker and environmental standards; and provides mechanisms for resolving disputes. KORUS is the second largest U.S. FTA by trade flows, after the U.S.-Mexico-Canada Agreement (USMCA). The agreement is extensive in scope, but on some issues, such as digital trade, its commitments are limited compared to more recent trade agreements, leading some stakeholders to call for updates."
CRS In Focus, IF10733
Congressional Research Service: https://crsreports.congress.gov/