A free trade agreement between the USA and Korea would, according to the US International Trade Commission (ITC), result in increased bilateral trade, particularly in agriculture, textiles, apparel, and leather goods. The prediction was made in the ITC’s publication "US-Korea FTA: The Economic Impact of Establishing a Free Trade Agreement (FTA) Between the United States and the Republic of Korea".

The report shows that in 2000, US-Korea bilateral trade totalled $69 billion. Korea was the United States' eighth largest export market and sixth largest import source, whilst the US was Korea's largest export market and second largest import source. Each country faces relatively high tariffs on goods in which it has a comparative advantage relative to the other. The largest gains in US exports to Korea are expected in agricultural products (rice, dairy, meat products, and fruits and vegetables). The largest increase in US imports from Korea are expected in textiles, apparel and leather goods. The trade flows in each of these sectors are expected to at least double.

The ITC’s publication went on to say that a USA-Korea free trade agreement would likely increase US exports to Korea by 54% ($19 billion) and US imports from Korea by 21% ($10 billion).