As in the United States, the free trade agreement in Korea is proving to be a very controversial issue. The opposition`s arguments tend to focus on perceived differences in the agreement as well as public opinion. Proponents tend to focus on economic forecasts. The United States-Korea Free Trade Agreement (officially: United States of America-Republic of Korea Free Trade Agreement)[1], also known as KORUS FTA[2], is a trade agreement between the United States and South Korea. Negotiations were announced on 2 February 2006 and concluded on 1 April 2007. The contract was first signed on 30 June 2007, with a renegotiated version signed in early December 2010. [3] [4] After the opposition party withdrew its agreement to negotiate the free trade agreement on a tougher stance, the ruling Grand National Party could eventually ratify the free trade agreement in parliament alone. [27] There is a legal movement to set up a panel to speculate on a possible renegotiation of the agreement. [30] [31] The Republican Party pointed to a $20 billion increase in annual bilateral trade as proof that both countries would benefit economically from the removal of trade barriers, citing Korea and the United States. Trade agreements as an example of the benefits of free trade in an era of increasing economic globalization. The United States and Korea continued negotiations on amendments and amendments to the United States-Korea Free Trade Agreement (KORUS FTA) on January 5, 2018. The United States and Korea met from January 31 to 1.
February in Seoul, Korea, to continue negotiations on amendments and negotiations to their free trade agreement. On March 28, 2018, the United States and Korea reached an agreement in principle on the terms and conditions of amendments and modifications to the United States-Republic of Korea Free Trade Agreement (KORUS FTA). On December 2, 2011, the Seoul Administrative Court officially decided to make available to the public about 300 translation errors of documents relating to the free trade agreement. [28] On September 16, 2008, U.S. Secretary of Commerce Carlos Gutierrez asked the U.S. Congress to ratify the Korea-U.S. report. Free trade agreements as soon as possible, arguing that “trade creates more jobs and stimulates economic growth.” He called on the US Congress to swiftly approve future trade deals with Colombia and Panama. [18] How the agreement will benefit Canadian economic sectors, businesses, provinces and territories. Text of the Free Trade Agreement with Korea: Full text of the Agreement. Seoul wanted products made by South Korean companies in North Korea`s Kaesong industrial region to be included in the agreement; Washington has not done so. The disagreement is still not resolved, but the agreement has not been allowed to be annulled, which has allowed further discussions on the issue.
[11] The December 2010 agreement represented a compromise between the two parties. The U.S. has secured significant concessions for auto trade: tariff cuts on Korean automobiles have been delayed by five years, and U.S. cars have had wider access to the Korean market. At the same time, negotiators agreed to put aside disagreements over U.S. beef exports for now. At the same time, the Grand National Party (BSP) examined its position in the National Assembly on the ratification of the agreement. At a meeting of its Supreme Council held on 2 October 2008 at the party`s headquarters in Yeouido, the BSP leadership expressed different opinions. BSP Chairman Park Hee-tae and Supreme Council member Chung Mong-joon sided with the cautious argument.
Park said it was first necessary to develop a plan for farmers and fishermen negatively affected by the deal. He suggested looking at the government`s countermeasures and then discussing the adoption of the free trade agreement. But the leaders of South Korea`s National Assembly have pleaded for a quick solution. Leader Hong Joon-pyo reportedly said the U.S. could propose renegotiations in the auto field, which he said would be detrimental to the U.S. auto industry. He explained that this could happen after the US elections, but that it was necessary to ratify the free trade agreement beforehand. [19] On October 1, 2008, a South Korean trade official said ratification within a year was unlikely given the United States. political climate.
[20] [21] On October 2, 2008, South Korea completed all parliamentary ratification procedures and the trade law was submitted to the National Assembly. [22] Korea`s ambassador to the United States, Lee Tae-shik, held more than 300 meetings with members of the U.S. Congress to persuade them to ratify the free trade agreement, which was rejected by the Democrats, who had majorities in the House and Senate. [23] Shortly after the signing by US President George W. Bush and his South Korean counterpart Roh Moo-hyun, rumors of a possible renegotiation of the text spread, citing possible opposition from US Democrats. However, Kim Jong-Hoon, South Korea`s chief negotiator for the 10-month negotiations that culminated in the free trade agreement, denied such rumors and assured reporters: “The deal is done and that`s it. There will be no renegotiations. Kim`s comment came after his U.S. counterpart Wendy Cutler, deputy U.S. trade representative for Japan, Korea and APEC affairs and chief negotiator of the KORUS free trade negotiations, hinted that Democrats might demand changes in the labor field. [17] In the 2008 U.S.
presidential election, Senator John McCain of the Republican Party and Senator Barack Obama of the Democratic Party both expressed their commitment to a U.S.-Korean alliance, but the Democratic Party expressed concern about globalization and renewed its doubts about trade liberalization, which, according to him, could endanger Korea and the United States. Free trade agreements. His presidential candidate, Barack Obama, dismissed the KORUS free trade agreement as “very flawed” during his campaign because, in his view, he would not do enough to elevate the United States.
