This report is designed to assist Members of the 111th Congress as they consider the costs and benefits of the U.S.-South Korean Free Trade Agreement (KORUS FTA). It examines the provisions of the KORUS FTA in the context of the overall U.S.-South Korean economic relationship, U.S. objectives, and South Korean objectives. The report will be updated as events warrant.

The U.S.-South Korea Free Trade Agreement (KORUS FTA) is the second-largest U.S. FTA (next to NAFTA). South Korea is the seventh largest trading partner of the United States, and the United States is South Korea's third-largest trading partner. The KORUS FTA covers a wide range of trade and investment issues and, therefore, could have substantial economic implications for both the United States and South Korea. KORUS FTA encompasses a range of bilateral economic activities: trade in manufactured goods, agricultural products, and services; foreign investment; government procurement; intellectual property rights; and worker rights and environment protection, among other issues. The United States and South Korea entered into the KORUS FTA as a means to further solidify an already strong economic relationship by reducing barriers to trade and investment between them and to resolve long-standing troublesome economic issues. The United States specifically sought increased access to South Korean markets for agricultural products, services, and foreign investment. For South Korean leaders, the KORUS FTA is a mechanism to promote reform in its own economy and also to gain a competitive advantage in the U.S. market for autos and other manufactured goods. This book examines the provisions of the KORUS FTA in the context of the overall U.S.-South Korean economic relationship, U.S. objectives, and South Korean objectives. It also examines some of the issues that have arisen during its implementation.

This study examines the economic and political benefits of the U.S. pursuing Free Trade Agreement negotiations with Korea, which is pursuing FTA accords as part of a strategy to restructure its economy and sustain the recovery from its 1997-98 economic crisis. The authors examine the impact of a prospective pact on other trading partners, on the Asia-Pacific Economic Cooperation, and on the multilateral trading system.

The U.S.-South Korea Free Trade Agreement (KORUS FTA) is the second-largest U.S. FTA (next to NAFTA). South Korea is the seventh largest trading partner of the United States, and the United States is South Korea's third-largest trading partner. The KORUS FTA covers a wide range of trade and investment issues and, therefore, could have substantial economic implications for both the United States and South Korea. KORUS FTA encompasses a range of bilateral economic activities: trade in manufactured goods, agricultural products, and services; foreign investment; government procurement; intellectual property rights; and worker rights and environment protection, among other issues. The United States and South Korea entered into the KORUS FTA as a means to further solidify an already strong economic relationship by reducing barriers to trade and investment between them and to resolve long-standing troublesome economic issues. The United States specifically sought increased access to South Korean markets for agricultural products, services, and foreign investment. For South Korean leaders, the KORUS FTA is a mechanism to promote reform in its own economy and also to gain a competitive advantage in the U.S. market for autos and other manufactured goods. This book examines the provisions of the KORUS FTA in the context of the overall U.S.-South Korean economic relationship, U.S. objectives, and South Korean objectives. It also examines some of the issues that have arisen during its implementation.

On October 6, 2010, the 27 member European Union (EU) and South Korea signed a bilateral free trade agreement (FTA). The agreement is expected to go into effect on July 1, 2011, pending approval by the European Parliament and the South Korean National Assembly. If enacted, the South Korea-EU FTA (KOREU FTA) would be the largest FTA in terms of market size that South Korea has entered into. Contents of this report: Introduction; EU-South Korean Economic Ties; The KOREU FTA and EU and South Korean Trade Strategies; Potential Economic Impact of the KOREU FTA; Next Steps ¿ Ratification; Potential Implications of the KOREU FTA for the U.S. Charts and tables. This is a print on demand edition of an important, hard-to-find report.

Contents: (1) Background; (2) An Overview of the Major Agreements: Multilateral Agreements; Regional Trade Agreements; Completed Bilateral Trade Agreements; Signed Bilateral Trade Agreements Requiring Congressional Approval; Pending Bilateral Trade Agreements; (3) Trade Liberalization and the Gains From Trade: Production Gains; Adjustment Costs; Consumption Gains; Economic Growth; (4) Estimating the Economic Impact of Trade Agreements: Overview; The Michigan Model and Estimates; Investment and Capital Flows; Data on Barriers to Trade in Services; (5) Implications for Congress. Charts and tables.