On June 30, 2007, U.S. trade representative Susan C. Schwab and Korea's trade minister Kim Hyun Chong signed the Korea - U.S. Free Trade Agreement - widely referred to as the KORUS FTA - marking the largest free trade agreement for the United States since the signing of the North American Free Trade Agreement in 1992.  The FTA is currently waiting for approval from both countries’ legislatures.

A more thorough look at the free trade agreement and its implications can be found in the USAC sponsored paper, Korea-U.S. Free Trade Agreement: Cementing Economic and Political Relations.