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Proposed U.S.-South Korea Free Trade Agreement (KORUS FTA): Provisions and Implications

2008
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Release : 2008
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Book Synopsis Proposed U.S.-South Korea Free Trade Agreement (KORUS FTA): Provisions and Implications by : William H. Cooper

Download or read book Proposed U.S.-South Korea Free Trade Agreement (KORUS FTA): Provisions and Implications written by William H. Cooper. This book was released on 2008. Available in PDF, EPUB and Kindle. Book excerpt: 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.

The Proposed South Korea-U.S. Free Trade Agreement (KORUS FTA).

2007
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Release : 2007
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Book Synopsis The Proposed South Korea-U.S. Free Trade Agreement (KORUS FTA). by :

Download or read book The Proposed South Korea-U.S. Free Trade Agreement (KORUS FTA). written by . This book was released on 2007. Available in PDF, EPUB and Kindle. Book excerpt: Close to midnight on April 1, 2007, President Bush sent a message to the leaders of the House and Senate, notifying them of his intent to enter into a free trade agreement (FTA) with South Korea. The President's notification to Congress signified the completion of the negotiations on the U.S.-South Korea FTA (KORUS FTA) that the two countries launched on February 2, 2006, at South Korea's request. The negotiations covered a wide range of subjects, including a number of sensitive issues -- autos, agriculture, trade remedies, among others -- that have plagued the U.S.-South Korean trading relationship for decades. As a result, the FTA negotiations were at times contentious and their successful completion in doubt. Congress will have to approve implementation legislation for the KORUS FTA before it can enter into force. The negotiations were conducted under the trade promotion authority (TPA), also called fast-track trade authority, that the Congress granted the President under the Bipartisan Trade Promotion Act of 2002 (the Act) (P.L. 107-210). The authority allows the President to enter into trade agreements that receive expedited congressional consideration (no amendments and limited debate). The United States and South Korea conducted the FTA negotiations with a high degree of political risk for both countries, and that risk will likely carry over as their respective legislatures debate the merits of the FTA. Judging from information released to date, the results of the FTA negotiations were the product of much compromise. As negotiators from both countries stated, the two sides were able to accomplish some of their objectives, but neither side got everything it wanted A detailed and accurate analysis of the agreement must await the public release of the complete text, which is anticipated in May. In the meantime, some highlights of the results of the negotiations can be provided based on official U.S. and South Korean summaries and comments as well as comments from informed private sector representatives. Preliminary reactions from the U.S. business community have varied and in a number of cases have been cautious because the final text of the FTA has yet to be released. These reactions largely reflect perceptions of to what degree the objectives of various groups were realized in the final agreement. Preliminary reactions in South Korea were similarly varied. This report is designed to assist Members of the 110th Congress as they consider the merits of the KORUS FTA. It examines the results of the FTA negotiations 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.

The Proposed South Korea-U.S. Free Trade Agreement (KORUS FTA)

2007 International economic relations
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Author :
Release : 2007
Genre : International economic relations
Kind : eBook
Book Rating : /5 ( reviews)

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Book Synopsis The Proposed South Korea-U.S. Free Trade Agreement (KORUS FTA) by :

Download or read book The Proposed South Korea-U.S. Free Trade Agreement (KORUS FTA) written by . This book was released on 2007. Available in PDF, EPUB and Kindle. Book excerpt: Close to midnight on April 1, 2007, President Bush sent a message to the leaders of the House and Senate, notifying them of his intent to enter into a free trade agreement (FTA) with South Korea. The President's notification to Congress signified the completion of the negotiations on the U.S.-South Korea FTA (KORUS FTA) that the two countries launched on February 2, 2006, at South Korea's request. The negotiations covered a wide range of subjects, including a number of sensitive issues -- autos, agriculture, trade remedies, among others -- that have plagued the U.S.-South Korean trading relationship for decades. As a result, the FTA negotiations were at times contentious and their successful completion in doubt. Congress will have to approve implementation legislation for the KORUS FTA before it can enter into force. The negotiations were conducted under the trade promotion authority (TPA), also called fast-track trade authority, that the Congress granted the President under the Bipartisan Trade Promotion Act of 2002 (the Act) (P.L. 107-210). The authority allows the President to enter into trade agreements that receive expedited congressional consideration (no amendments and limited debate). The United States and South Korea conducted the FTA negotiations with a high degree of political risk for both countries, and that risk will likely carry over as their respective legislatures debate the merits of the FTA.

The Proposed U.S.-South Korea Free Trade Agreement (KORUS FTA)

2009
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Release : 2009
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Book Synopsis The Proposed U.S.-South Korea Free Trade Agreement (KORUS FTA) by :

Download or read book The Proposed U.S.-South Korea Free Trade Agreement (KORUS FTA) written by . This book was released on 2009. Available in PDF, EPUB and Kindle. Book excerpt: Other observers have suggested the outcome of the KORUS FTA could have implications for the U. S.-South Korean alliance as a whole, as well as on U. S. Asia policy and U. S. trade policy, particularly in light of an FTA completed in October 2009 between South Korea and the European Union. [...] 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. [...] However, negotiators did not reach a breakthrough by the end of the talks on the separate but parallel issue of how to resolve differences on the terms of access for all U. S. beef in a way that would address Korea's human health concerns arising from the 2003 discovery of mad cow disease in the U. S. cattle herd. [...] As required by the TPA statute, the USITC conducted a study of the KORUS FTA at the request of the President.10 The USITC study concludes that U. S. GDP would increase by $10.1 billion to $11.9 billion (approximately 0.1%) if the KORUS FTA is fully implemented, a negligible amount given the size of the U. S. economy. [...] U. S. imports would increase $6.4 billion to $6.9 billion, primarily in textiles, apparel, leather products, footwear, machinery, electronics, and passenger vehicles and parts.11 The range does not take into account the impact of the reduction of barriers to trade in services and to foreign investment flows and the impact of changes in regulations as a result of the KORUS FTA.

The Proposed U.S.-South Korea Free Trade Agreement (KORUS FTA): Provisions and Implications

2010
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Release : 2010
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Book Synopsis The Proposed U.S.-South Korea Free Trade Agreement (KORUS FTA): Provisions and Implications by :

Download or read book The Proposed U.S.-South Korea Free Trade Agreement (KORUS FTA): Provisions and Implications written by . This book was released on 2010. Available in PDF, EPUB and Kindle. Book excerpt: On June 30, 2007, U.S. and South Korean trade officials signed the proposed U.S.-South Korean Free Trade Agreement (KORUS FTA) for their respective countries. If approved, the KORUS FTA would be the second largest FTA that South Korea has signed to date, after the agreement with the European Union (EU). It would be the second largest (next to North American Free Trade Agreement, NAFTA) in which the United States participates. South Korea is the seventh-largest trading partner of the United States and the United States is South Korea's third largest trading partner. Various studies conclude that the agreement would increase bilateral trade and investment flows. The final text of the proposed 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. The agreement will not enter into force unless Congress approves implementation legislation. The negotiations were conducted under the trade promotion authority (TPA), also called fast-track trade authority, that the Congress granted the President under the Bipartisan Trade Promotion Act of 2002 (P.L. 107-210). The authority allows the President to enter into trade agreements that receive expedited congressional consideration (no amendments and limited debate). The Bush Administration did not send draft implementing legislation to Congress. The Obama Administration has not indicated if and when it will send the draft implementing bill to Congress. The Administration has stated that it is developing "benchmarks for progress" on resolving "concerns" it has with the KORUS FTA, particularly over market access for U.S. car exports.

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