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U.s.-South Korea Free Trade Agreement Pros And Cons

Shortly after U.S. President George W. Bush and his South Korean counterpart Roh Moo-hyun signed, rumors spread about a possible renegotiation of the text, citing possible opposition from U.S. Democrats. However, Kim Jong-Hoon, South Korea`s chief negotiator for the 10-month talks that brought about the free trade agreement, denied such rumours, with reporters saying, “The deal has been reached, and that`s it. There will be no renegotiations. [Quote required] Kim`s comment came after her U.S. counterpart Wendy Cutler, the U.S. Deputy Trade Representative for Japan, Korea and APEC and the chief negotiator for the KORUS-FTA negotiations, suggested that Democrats could call for changes in the field of labour. [17] Lee Jeong-ryeol정렬, the chief prosecutor of Changwon District Court in Gyeongsangnamdo, criticized the FTA on its Facebook account, raising the concern of the judiciary. [29] Free trade agreements go far beyond the removal of tariffs and restrictions on services: they also define rules that contribute to the continued benefit of an open and transparent market for U.S.

exporters and service providers. This is essential to gain a foothold in this dynamic market for the development of long-term growth prospects. The U.S.-Korea Free Trade Agreement has given great value in this area and has significantly improved the business climate of U.S. exporters at many different levels. IBEW “In the midst of the worst economic recession since the Great Depression, working families cannot afford another free trade agreement that will relocate high-paying jobs, increase our trade deficit and further decimate the U.S. manufacturing sector. We are against the passage of the U.S.-Korea trade agreement. There is a judicial movement to create a special working group to speculate on a possible renegotiation of the agreement. [30] [31] On October 1, 2008, a South Korean trade official stated that it was unlikely to be ratified within a year, given the political climate in the United States. [20] [21] On 2 October 2008, South Korea closed all ratification procedures by Parliament and the Trade Act was submitted to the National Assembly. [22] The Korean Ambassador to the United States, Lee Tae-shik, held more than 300 meetings with members of the U.S. Congress to convince them to ratify the free trade agreement, which faced objections from Democrats in the House of Representatives and the Senate.

[23] National Farmers Union “Past Free Trade Agreements such as the North American Free Trade Agreement (ALEFTA) and the Central American Free Trade Agreement (CAFTA) did not perform as promised for American agriculture. KORUS reproduces many of the most troubling provisions of NAFTA and NAFTA. What is even more worrying is that KORUS has no provisions against manipulation of Korean currency. International Association of Machinists “[D]he the same corporations that shipped thousands of U.S. jobs to other countries are now spinning Alice-in-Wonderland tales about how this agreement will create jobs here at home. In light of our experience with NAFTA and other trade agreements and the current state of the U.S. economy, the nation can hardly afford to fall back into that trap. The Grand National Party (BSP) also considered its position when the agreement was ratified by the National Assembly. At a meeting of the Supreme Council held on 2 October 2008 at the party`s headquarters in Yeouido, GNP leaders expressed differing views. Park Hee-tae, President of the GNP, and Chung Mong-joon, Supreme Member of the Council, sided with the argument of caution. Park said it was first necessary to develop a plan for farmers and fishermen negatively affected by the agreement. He proposed to review the government`s counter-measures and then discuss the adoption of the free trade agreement. But the leaders of South Korea`s National Assembly have called for a quick fix.

Floor leader Hong Joon-pyo reportedly said the U.S. could propose auto renegotiations