Saturday, October 13, 2007

KORUS FTA

In a recent press release, US president George Bush urged congress to pass several pending FTA's.

One of the agreements that is still in limbo, of course, is the KORUS FTA (Korea-United States Free Trade Agreement).

Negotiations were fast-tracked the last time around, but now both sides are balking at the thought of making the FTA official. Politicians on the US side seem particularly antsy. There has been a lot of talk about renegotiating.

The press release naturally paints a rosy pitcture when describing the benefits for the American people.

It was pointed out that South Korea is the 11th largest economy in the world, and a report released by Yonhap news agency shows that South Korea is America's 7th biggest trading partner right now.


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