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The U.S.-South Korea Free Trade Agreement (KORUS FTA) is the second-largest U.S. FTA (next to NAFTA). South Korea is the seventh largest trading partner of the United States, and the United States is South Korea's third-largest trading partner. The KORUS FTA covers a wide range of trade and investment issues and, therefore, could have substantial economic implications for both the United States and South Korea. KORUS FTA encompasses a range of bilateral economic activities: trade in manufactured goods, agricultural products, and services; foreign investment; government procurement; intellectual property rights; and worker rights and environment protection, among other issues. The United States and South Korea entered into the KORUS FTA as a means to further solidify an already strong economic relationship by reducing barriers to trade and investment between them and to resolve long-standing troublesome economic issues. The United States specifically sought increased access to South Korean markets for agricultural products, services, and foreign investment. For South Korean leaders, the KORUS FTA is a mechanism to promote reform in its own economy and also to gain a competitive advantage in the U.S. market for autos and other manufactured goods. This book examines the provisions of the KORUS FTA in the context of the overall U.S.-South Korean economic relationship, U.S. objectives, and South Korean objectives. It also examines some of the issues that have arisen during its implementation.
The U.S.-South Korea Free Trade Agreement (KORUS FTA) is the second-largest U.S. FTA (next to NAFTA). South Korea is the seventh largest trading partner of the United States, and the United States is South Korea's third-largest trading partner. The KORUS FTA covers a wide range of trade and investment issues and, therefore, could have substantial economic implications for both the United States and South Korea. KORUS FTA encompasses a range of bilateral economic activities: trade in manufactured goods, agricultural products, and services; foreign investment; government procurement; intellectual property rights; and worker rights and environment protection, among other issues. The United States and South Korea entered into the KORUS FTA as a means to further solidify an already strong economic relationship by reducing barriers to trade and investment between them and to resolve long-standing troublesome economic issues. The United States specifically sought increased access to South Korean markets for agricultural products, services, and foreign investment. For South Korean leaders, the KORUS FTA is a mechanism to promote reform in its own economy and also to gain a competitive advantage in the U.S. market for autos and other manufactured goods. This book examines the provisions of the KORUS FTA in the context of the overall U.S.-South Korean economic relationship, U.S. objectives, and South Korean objectives. It also examines some of the issues that have arisen during its implementation.
This report is designed to assist Members of the 111th Congress as they consider the costs and benefits of the U.S.-South Korean Free Trade Agreement (KORUS FTA). It examines the provisions of the KORUS FTA in the context of the overall U.S.-South Korean economic relationship, U.S. objectives, and South Korean objectives. The report will be updated as events warrant.
On October 6, 2010, the 27 member European Union (EU) and South Korea signed a bilateral free trade agreement (FTA). The agreement is expected to go into effect on July 1, 2011, pending approval by the European Parliament and the South Korean National Assembly. If enacted, the South Korea-EU FTA (KOREU FTA) would be the largest FTA in terms of market size that South Korea has entered into. Contents of this report: Introduction; EU-South Korean Economic Ties; The KOREU FTA and EU and South Korean Trade Strategies; Potential Economic Impact of the KOREU FTA; Next Steps ¿ Ratification; Potential Implications of the KOREU FTA for the U.S. Charts and tables. This is a print on demand edition of an important, hard-to-find report.
Since the signing of the Korea-China Free Trade Agreement (FTA), China has become the biggest trade partner of Korea. With a transaction volume that is 2.5 times greater than the trade with the US, it is not an exaggeration to say that Korean economy is sustained by China. However, in 2013, only 15% of Korea's total export is from the small and medium enterprises (SMEs). Approximately 85% of Korea's total export was made by large and medium corporations. The FTA with China expanded the trade possibilities for large corporations but it made trade more difficult for SMEs. The FTA with China is anticipated to bring an economic growth of 1.7 to 2.1% and add 40.3 billion dollars to Korea's GDP by the year 2025. Based on the result of the international input-output analysis, the most vulnerable industries of SMEs are electric and electronics, machinery, chemical, steel and metals, construction and transport equipment.
The Obama Administration finalized negotiations with South Korea in early December 2010 on a bilateral free trade agreement. As a result, the administration is expected to submit implementing legislation to the 112th Congress on the proposed agreement, but to date has not indicated a timeline for doing so. The 112th Congress may also be asked to consider implementing legislation for proposed free trade agreements with Columbia and Panama. Congress not only plays a direct role in approving legislation that implements the provisions of free trade agreements, but also authorizes and appropriates funding for programs that are meant to provide special assistance to firms and workers that are dislocated as a result of lower barriers to trade. Since the proposed agreement covers a wide range of trade and investment issues, it could have substantial economic implications for both the United States and South Korea. South Korea is the seventh-largest trading partner of the United States, and the United States is South Korea's third-largest trading partner. Similar to other trade agreements, the proposed U.S.-South Korea Free Trade Agreement (KORUS-FTA) has attracted both supporters and detractors, primarily over the impact the agreement could have on employment in the economy. Supporters argue that the ...
This study examines the economic and political benefits of the U.S. pursuing Free Trade Agreement negotiations with Korea, which is pursuing FTA accords as part of a strategy to restructure its economy and sustain the recovery from its 1997-98 economic crisis. The authors examine the impact of a prospective pact on other trading partners, on the Asia-Pacific Economic Cooperation, and on the multilateral trading system.