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South Korea-U.S. economic relations : Cooperation, friction, and prospects for a Free Trade Agreement (FTA)

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  • South Korea-U.S. economic relations
  • Manyin, Mark E.
  • Congressional Research Service


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Title South Korea-U.S. economic relations
Similar Titles
Sub Title

Cooperation, friction, and prospects for a Free Trade Agreement (FTA)

Material Type Reports
Author(English)

Manyin, Mark E.

Publisher

[Washington, D.C.]:Congressional Research Service

Date 2006-09
Series Title; No CRS Report for Congress
Pages 33
Subject Country United States(Americas)
South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Trade
Economy < Economic Administration
Holding The Air University

Abstract

South Korea is a major economic partner for the United States. In 2004, trade between the two countries was over $70 billion, making South Korea the United States’s seventh-largest trading partner — ahead of France and Italy — and its seventh-largest export market. In 2005, the U.S. was Korea’s third-largest trading partner, second-largest export market, and its largest supplier of foreign direct investment (FDI). Bilateral economic relations have advanced to the point that the two sides in February 2006 announced their intention to negotiate a bilateral free trade agreement (FTA), which they hope to complete by 2007. The announcement followed South Korean concessions in four areas: beef, automobiles, pharmaceuticals, and “screen quotas” limiting the amount of screen time that foreign films could be shown. The United States had said an FTA could not be launched unless Seoul demonstrated its ability to deliver compromises in these sectors. (The rest omitted)