19 Dec

U.s.-Korea Trade Agreement

While the treaty was signed on June 30, 2007, ratification was slowed when President George W. Bush`s accelerated trade authority ended and a Democratic Party-controlled Congress raised objections to the treaty regarding concerns about bilateral trade in automobiles and beef in the United States. Nearly three years later, on June 26, 2010, President Barack Obama and President Lee Myung-bak reaffirmed their commitment to the treaty and said they would order their governments to resolve the remaining obstacles to the agreement by November 2010. [12] President Trump continues to deliver one of his most important promises to the American people: ensuring free, fair and reciprocal trade agreements for the American worker. Finally, the agreement lacks, among other things, provisions to combat monetary manipulation that the United States has sought in other recent trade negotiations. At first, it appeared that the United States was insisting on korus provisions similar to those agreed in a subsidiary letter to the Trans-Pacific Partnership Comprehensive and Progressive Agreement, which the United States negotiated but subsequently withdrew.39 The Trump administration was then able to include monetary provisions in the renegotiated North American Free Trade Agreement. 40 Despite an earlier discussion on a chapter of the currency of KORUS41, the final KORUS, renegotiated, says nothing about monetary issues. However, Korea has stated that it will begin disclosing its foreign exchange transactions. On September 16, 2008, U.S. Commerce Secretary Carlos Gutierrez asked the U.S. Congress to ratify Korea-USA.

Free trade agreements as quickly as possible, arguing that “trade creates more jobs and stimulates economic growth.” He asked the U.S. Congress to quickly approve trade agreements with Colombia and Panama. [18] 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] Detailed information on this and other free trade agreements can be obtained from the Office of the U.S. Trade Representative. In the 2008 U.S. presidential election, Senator John McCain of the Republican Party and Senator Barack Obama of the Democratic Party both expressed their commitment to an alliance between the United States and Korea, but the Democratic Party expressed concern about globalization and renewed its doubts about trade liberalization, which they said , could jeopardize the United States.