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KORUS FTA Solves Trade/econ
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- KORUS FTA solves competitiveness
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KORUS FTA Solves Trade/econRatification of the KORUS FTA would boost the economy of both the US and South Korea and show commitment to Asia. Office of the United States Trade Representative, 10 (6/26/2010, “Korea - U.S. Free Trade Agreement”, http://www.ustr.gov/trade-agreements/free-trade-agreements/korus-fta) The United States and the Republic of Korea signed the United States-Korea Free Trade Agreement (KORUS FTA) on June 30, 2007. If approved, the Agreement would be the United States' most commercially significant free trade agreement in more than 16 years. The U.S. International Trade Commission estimates that the reduction of Korean tariffs and tariff-rate quotas on goods alone would add $10 billion to $12 billion to annual U.S. Gross Domestic Product and around $10 billion to annual merchandise exports to Korea. Under the FTA, nearly 95 percent of bilateral trade in consumer and industrial products would become duty free within three years of the date the FTA enters into force, and most remaining tariffs would be eliminated within 10 years. For agricultural products, the FTA would immediately eliminate or phase out tariffs and quotas on a broad range of products, with almost two-thirds (by value) of Korea's agriculture imports from the United States becoming duty free upon entry into force. For services, the FTA would provide meaningful market access commitments that extend across virtually all major service sectors, including greater and more secure access for international delivery services and the opening up of the Korean market for foreign legal consulting services. In the area of financial services, the FTA would increase access to the Korean market and ensure greater transparency and fair treatment for U.S. suppliers of financial services. The FTA would address nontariff barriers in a wide range of sectors and includes strong provisions on competition policy, labor and environment, and transparency and regulatory due process. The KORUS FTA would also provide U.S. suppliers with greater access to the Korean government procurement market. In addition to strengthening our economic partnership, the KORUS FTA would help to solidify the two countries' long-standing geostrategic alliance. As the first U.S. FTA with a North Asian partner, the KORUS FTA could be a model for trade agreements for the rest of the region, and underscore the U.S. commitment to, and engagement in, the Asia-Pacific region. The Obama Administration will seek to promptly and effectively address the issues surrounding the KORUS FTA, including concerns that have been expressed regarding automotive trade. KORUS FTA solves competitivenessThe KORUS FTA would create new jobs and strengthen US competitiveness William Rhodes, 10 – chairman of the U.S.-Korea Business Council and a senior vice chairman of Citigroup (2/18, “Mr. President, Enact This Trade Deal”, http://www.watsoninstitute.org/rhodes/media/pdf/2010_02_WSJ.pdf) The business community heard in the president's remarks a welcome signal that the White House views the U.S.Korea Free Trade Agreement as part of the plan for U.S. economic recovery and job creation. There is no stronger action that President Obama and Congress could take to strengthen U.S. competitiveness in Asia—and to support new job growth through export creation—than implementation of this agreement at the earliest possible time. Four years ago, the U.S. and Korea announced the launch of ambitious negotiations for a high-standard, high-quality free trade agreement between the two countries. Working to find solutions to some of the most complex and challenging issues in international trade, U.S. and Korean negotiators successfully forged a groundbreaking deal that established important new precedents for open markets and market access. The benefits of the U.S.-Korea FTA for U.S. workers, farmers and business of all sizes are well-established. The FTA is more than just a trade agreement, however. It has important implications for broader U.S. economic and geostrategic goals in Asia. Implementation of the agreement would advance economic reforms in Korea that, by spurring new growth in Korea's market, will create new opportunities for U.S. businesses there. It will also offer American companies and workers an edge in Korea's market at a time when Korea and other Asian countries are rapidly integrating their economies through bilateral trade agreements and cross-border investments of billions of dollars each year. KORUS FTA – Now key timeNow is the key time to ratify the KORUS FTA-failure means Europe and China get ahead of us Korea Times, 10 (February 1, “US Loses Clout on Korean Economy”, http://www.lexisnexis.com/us/lnacademic/results/docview/docview.do?docLinkInd=true&risb=21_T9717156416&format=GNBFI&sort=RELEVANCE&startDocNo=1&resultsUrlKey=29_T9717156419&cisb=22_T9717156418&treeMax=true&treeWidth=0&csi=174045&docNo=9) Times South Korea was able to rise from the ashes of the 1950-53 Korean War on the back of international aid, most of which came from the United States. The world's largest economy imported Korea's agricultural products, garments and other manufactured goods from the 1950s through the '70s on favorable terms to help the Asian nation outpace the Communist North Korea. The U.S. also provided Korea with flour and other basic necessities at lower costs to help it feed its people. It was the country's largest trading partner over the past five decades. But its influence in what is now Asia's fourth-largest economy has been diminishing rapidly over the last 10 years, with Korea expanding trade relations with China, Russia and other emerging economies. Analysts here say that the U.S. could lose more of its economic clout in Korea if the administration of President Barack Obama and the U.S. Congress continue to delay the ratification of the Korea-U.S. free trade agreement (FTA). They say the European Union and China, which compete with the U.S. for global hegemony, will establish closer economic ties with Korea if the U.S. heads toward protectionism and places greater priority on domestic populism than trade. According to the Korea Customs Services (KCS) Monday, Korea's trade dependence on the U.S. stood at 9.7 percent in 2009, down from 24.4 percent in 1991. Korea shipped about 10.36 percent of its total outbound shipments to the world's largest economy, down from 25.8 percent over the same period, while taking 9 percent of its total imports from the U.S., down from 23.18 percent. On the other hand, Korea's trade dependence on China has increased at an explosive pace since the two countries began diplomatic relations in 1992. South Korea's exchange of agricultural and industrial goods with the world's fastest-growing economy reached 20.5 percent last year, up from 2.9 percent in 1991. Korea exported 23.9 percent of its outbound shipments to the neighboring country in 2009, up from 1.4 percent, with 16.8 percent of its imports coming from China, up from 4.2 percent. The U.S. has become less important to Korea economically over the years, with the latter increasingly relying on China, the European Union and other economies for growth. "Korea is the sixth-largest trading partner of the U.S. and a key Asian economy strategically located in Northeast Asia. American policymakers and businesses should be alert over their diminishing economic influence over Korea," LG Economic Research Institute managing director Oh Moon-suk said. Oh said if the U.S. continues to remain reluctant to sign the free trade pact with Korea, the Asian nation will continue to move closer toward China and the European Union, adding the EU will likely sign a free trade accord with Korea before the U.S. does. Touching on Korea's growing trade ties with China, he said Beijing has emerged as the country's largest trading partner in just over 10 years after the two opened their borders to each other in 1992. "Korea's growing trade reliance on China was also the result of the nation's efforts to diversify its export destinations, which proved to be quite successful. The country should continue to expand economic ties with China and try to establish an even larger presence there," Oh said. The economist stressed domestic businesses should take advantage of the world's fastest-growing economy to become globally competitive. "But at the same time, they will be affected more severely if something goes wrong in China. To hedge against the growing China risk, Korean firms should continue to explore new foreign markets and establish a presence in countries in the Middle East and South America," he said. Directory: file -> view view -> Western Europe after wwii view -> Author study: paul fleischman view -> Qpa1 7ela study Guide view -> Arctic Oil/Gas Neg view -> November 1970 Approximately 150,000-500,000 deaths Bhola Cyclone Bangladesh view -> Grade Level: 6 Unit of Study: Caribbean glce view -> Citation: Duffield, Katy view -> Table of Contents Lesson # view -> Chinese Wind Energy Disad Download 1.27 Mb. Share with your friends:
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