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The impact of the U.S.-Korea free trade agreement on both economies

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  • The impact of the U.S.-Korea free trade agreement on both economies
  • Park, Yoon-shik
  • International Council on Korean Studies


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Title The impact of the U.S.-Korea free trade agreement on both economies
Similar Titles
Material Type Reports
Author(English)

Park, Yoon-shik

Publisher

[Washington, DC]:International Council on Korean Studies

Date 2013
Journal Title; Vol./Issue International Journal of Korean Studies:vol. 17(no. 1)
Pages 13
Subject Country United States(Americas)
South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Trade
Holding International Council on Korean Studies

Abstract

Four and a half years after the agreement between the U.S and Korean governments, the U.S.-Korea Free Trade Agreement (KORUS FTA or KORUS) was finally approved by both the U.S. Congress and the Korean Parliament in late 2011 and has been in effect since March 15, 2012. KORUS is the most important free trade agreement for the U.S. since the North American Free Trade Agreement (NAFTA) that came into force in 1994. Korea has become an important trade partner of the United States, for which Korea is the 7th largest trading partner, 5th largest export market for agricultural products, 2nd largest market for U.S. services in Asia, and 10th largest market for information technology products. The total U.S.-Korea trade volume tripled over just two decades between 1990 and 2011. However, the relative importance of two countries’ bilateral trade has declined in recent decades. (The rest omitted)