Recent visit by KITA and WTC Seoul highlights commercial and cultural opportunities with Philadelphia

​Identifying Markets with South Korea
South Korea is an important Free Trade Agreement (FTA) market for companies in the Greater Philadelphia Region. As a fellow world trade center, World Trade Center of Greater Philadelphia is particularly pleased to work with the Korea International Trade Association (KITA) and World Trade Center Seoul in identifying best strategies to grow business for the companies collectively being served and expanding overall trade and investment for the Greater Philadelphia Region.

Opportunities for Cooperation

• Developing a program to connect the extensive health and health services/medical devices/life science sectors in the Greater Philadelphia Region with companies and organizations in South Korea. (This includes best strategies for connections and business matchmaking, including a potential business mission to South Korea - to align, possibly with the June visit of the Orchestra or October World Heritage Convention in Gyeongju - and encouraging companies to consider participating in medical and bio trade shows in South Korea.
• Exploring collaboration and cooperation in technology – connecting with Ben Franklin Technology Partners and the University City Science Center.
• September 20 -27 South Korea Mission to Washington, DC and Virginia:  identifying potential meetings between area companies and trade mission participants.​​
• Utilizing KITA’s electronic matchmaking system for the region’s importers.​​
• ​​Visit of Philadelphia Orchestra to Seoul June 6-9, 2017 – fostering connection among and between KITA and Philadelphia's cultural talents.
• ​The Philadelphia Regional Port Authority (PRPA) – exploring ways in which to increase awareness of the ease of moving goods through the Port for South Korean companies (and the easy access to large East Coast metropolitan populations), building on the successful record of Hyundai and Kia imports.

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Wednesday, July 27, 2016. World Trade Center of Greater Philadelphia and representatives from the Korea International Trade Association (KITA), Philadelphia Regional Port Authority (PRPA) and the Philadelphia Department of Commerce convene for an exchange on market opportunities.

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Regional Numbers
​New Jersey and Pennsylvania each rank in the top 12 for total U.S. exports to South Korea.
#5 New Jersey, $1.2B+
#11 Pennsylvania, $915M+
(Source: 2015 NAICS Total All Merchandise Exports to South Korea)

​U.S. - Korea Free Trade Agreement
The United States and the Republic of Korea signed the United States-Korea Free Trade Agreement (KORUS FTA) on June 30, 2007. On December 3, 2010, the United States and Korea concluded new agreements, reflected in letters signed on February 10, 2011, that provide new market access and level the playing field for U.S. auto manufacturers and workers.  Congress approved the agreement on October 12, 2011, and Korea’s National Assembly approved it on November 22, 2011. The United States and Korea completed their review of the measures both sides had taken to implement the FTA and exchanged diplomatic notes on February 21 agreeing to bring the agreement into force on March 15, 2012. Full Background (via ustr.gov)