When it comes to international trade, free trade agreements (FTAs) play a crucial role in promoting economic growth and creating jobs. For the United States, free trade agreements have been a key component of its foreign policy since the early 20th century. In this article, we will explore how many countries the US has free trade agreements with.
As of 2021, the United States has 14 free trade agreements in force with 20 countries. These countries are:
1. Australia
2. Bahrain
3. Canada
4. Chile
5. Colombia
6. Costa Rica
7. Dominican Republic
8. El Salvador
9. Guatemala
10. Honduras
11. Israel
12. Jordan
13. Korea
14. Mexico
15. Morocco
16. Nicaragua
17. Oman
18. Panama
19. Peru
20. Singapore
The United States also has bilateral investment treaties (BITs) with 42 countries that provide certain protections for US investors operating in those countries. However, these agreements do not provide the same level of market access as free trade agreements.
It is worth noting that the United States has withdrawn from several free trade agreements in recent years. In 2017, President Donald Trump announced that the US would withdraw from the Trans-Pacific Partnership (TPP), a trade agreement between 12 countries including Australia, Canada, Japan, and Singapore. In 2018, the US also withdrew from the North American Free Trade Agreement (NAFTA) and replaced it with the United States-Mexico-Canada Agreement (USMCA).
Free trade agreements provide several benefits to the United States. They help to lower trade barriers such as tariffs and quotas, making it easier for US companies to export goods and services to other countries. FTAs also provide a framework for resolving disputes between countries and promoting investment in each other`s economies.
In conclusion, the United States has free trade agreements in force with 20 countries as of 2021. While the number of FTAs may change over time, they remain an essential tool for promoting economic growth and creating jobs both in the US and abroad.