Review of the Korea-us Fta Effects on Manufacturing Industry

Bilateral relations

United States–South Korea Gratuitous Merchandise Agreement

Republic of korea	United States

U.s.a.–Korea Complimentary Trade Understanding
Hangul	한·미 자유 무역 협정
Hanja	韓美自由貿易協定
Revised Romanization	Han-Mi jayu muyeok hyeopjeong
McCune–Reischauer	Han-Mi chayu muyŏk hyŏpchŏng

The United states–Korea Free Merchandise Agreement (officially: Free Trade Agreement Between the United States of America and the South korea),^[ane] also known as KORUS FTA,^[2] is a trade agreement betwixt the Usa and Southward Korea. Negotiations were appear on February ii, 2006, and concluded on April 1, 2007. The treaty was showtime signed on June xxx, 2007, with a renegotiated version signed in early on December 2010.^{[3] [four]}

The understanding was ratified by the United States on Oct 12, 2011, with the Senate passing it 83–15^[5] and the House 278–151.^[6] It was ratified by the National Assembly of South korea on November 22, 2011, with a vote of 151–7, with 12 abstentions.^[7] The agreement entered into issue in March 2012.^[eight] Some other renegotiation took identify from tardily 2017 to late March 2018, when an agreement was reached between both governments.^[9]

The merchandise agreement involves an estimated 362 million consumers in the U.s. and the Commonwealth of Korea.^{[ citation needed ]} The treaty'south provisions eliminate 95% of each nation's tariffs on goods within v years, and create new protections for multinational fiscal services and other firms.^[iv] For the The states, the treaty was the first complimentary trade agreement (FTA) with a major Asian economic system and the largest trade deal since the North American Gratis Trade Agreement (NAFTA) in 1993. For Republic of korea, the KORUS FTA is 2nd in size only to the FTA signed with the European Marriage^[10] and dwarfs other FTAs signed with Chile, Singapore, the European Gratis Trade Area and the Association of southeast asian nations (ASEAN).^[11]

History [edit]

While the treaty was signed on June 30, 2007, ratification was slowed when President George Due west. Bush'south fast-track trade authority expired and a Democratic Political party-controlled Congress expressed objections to the treaty related to concerns over bilateral trade in automobiles and U.S. beef exports. About 3 years later, on June 26, 2010, President Barack Obama and President Lee Myung-bak expressed renewed delivery to the treaty, stating that they would straight their governments to resolve remaining obstacles to the agreement by November 2010.^[12]

After discussions at the November 2010 G-20 Seoul peak and further negotiations in December 2010 in Maryland, Presidents Obama and Lee announced on Dec four, 2010, that a deal had been reached; they subsequently signed an updated version of the agreement.^{[4] [13] [14] [15] [16]} On March 15, 2012, the agreement entered into effect.^[viii]

2008–eleven [edit]

2008

Soon after being signed by the US President George Due west. Bush-league and his South Korean counterpart, Roh Moo-hyun, rumors spread of a possible renegotiation of the text, citing possible opposition by the U.S. Democrats. However, Kim Jong-Hoon, Republic of korea's master negotiator for the x-month talks that brought the FTA, denied such rumors assuring journalists that "The deal has been washed and that'due south information technology. There will be no renegotiations."^{[ citation needed ]} Kim's comment came after his American counterpart, Wendy Cutler, the assistant US merchandise representative for Japan, Korea and APEC Affairs and master negotiator of the KORUS FTA negotiations, indicated that the Democrats might demand amendments in the labor area.^[17]

On September sixteen, 2008, U.S. Commerce Secretary Carlos Gutierrez asked the U.Southward Congress to ratify the Korea-U.S. free trade treaty as soon as possible, arguing that "trade creates more jobs and boosts economical growth". He called on the U.S. Congress to swiftly approve pending merchandise deals with Republic of colombia and Panama as well.^[18]

The Thousand National Party (GNP) was at the same time considering its position the National Assembly's ratification of the agreement. At a meeting of its acme quango held October 2, 2008, at party headquarters in Yeouido, GNP leadership expressed divergent opinions. GNP chairman Park Hee-tae and supreme council fellow member Chung Mong-joon sided with the argument for circumspection. Park said it was starting time necessary to establish a plan for farmers and fishermen negatively affected by the agreement. He suggested looking at the government's countermeasures, then discussing passage of the FTA. Merely leaders within the National Assembly of South Korea argued for a quick resolution. Floor leader Hong Joon-pyo is reported to have said that the Usa could advise renegotiations in the area of automobiles, which they felt was disadvantageous to the U.Southward. auto industry. He stated this could be done following the U.Southward. election, just that it was necessary to ratify the FTA before then.^[xix]

On October ane, 2008, a Southward Korean trade official said that ratification was unlikely within the year given the U.S. political climate.^{[twenty] [21]} On October 2, 2008, South korea completed all procedures for parliamentary ratification and the trade bill was submitted to the National Assembly.^[22] The Korean ambassador to the United States, Lee Tae-shik, held more than than 300 meetings with U.Due south. Congressmen to persuade them to ratify the FTA, which was facing objection from Democrats, who held a majority in both the House of Representatives and the Senate.^[23]

U.S. presidential election

During the 2008 U.S. presidential election, both Senator John McCain of the Republican Party and Senator Barack Obama of the Democratic Party expressed commitment to a U.S.–Korea brotherhood, but the Democratic Political party expressed anxiety about globalization and renewed doubts about trade liberalization, which it argued could jeopardize the Korea-U.S. Complimentary Trade Agreement. Its presidential candidate Barack Obama opposed the KORUS FTA every bit "badly flawed" during his campaign because in his view it would not do plenty to increment U.Southward. auto sales. His criticism echoed the machine labor unions.^[24] Obama said he would vote against the FTA if it came to the floor of the U.South. Senate and that he would transport it back to Korea if elected president.

Obama had expressed similar negative feelings nigh the North American Free Trade Understanding between the U.South., Canada and Mexico, threatening during February 2008 campaign stops in industrial states to "opt out" of the three-nation understanding. His senior economic advisor Austan Goolsbee bodacious Canadian officials in a private meeting on Feb 9 that Obama's rhetoric was "more reflective of political maneuvering than policy".^[25]

The Republican Political party pointed to a $xx billion increase in annual bilateral trade as evidence that both countries would benefit economically from lowering trade barriers, citing the Korea-U.S. trade deal every bit an example of the rewards of complimentary trade in an era of growing economical globalization.

During the last half of 2008, U.South. officials expressed confidence that the trade deal would be canonical after the November four ballot.^[twenty]

December 2010 agreement

The December 2010 agreement represented a compromise between the two sides. Significant concessions were granted to the United States on merchandise in automobiles: tariff reductions for Korean automobiles were delayed for 5 years, and U.Southward. autos were granted broader access to the Korean market. At the same time, the negotiators agreed to set aside disagreements over U.S. beef exports for the time being.

The deal was supported by Ford Motor Company, as well as the United Auto Workers, both of which had previously opposed the understanding. Remarking on the UAW'southward back up, an Obama administration official was quoted equally proverb, "It has been a long fourth dimension since a matrimony supported a trade understanding" and thus the administration hopes for a "big, wide bipartisan vote" in the U.S. Congress in 2011.^[xvi] At the fourth dimension of its December 2010 announcement, the White House also published a collection of statements from a wide range of elected officials (Democrats and Republicans), business leaders, and advocacy groups expressing back up for the KORUS FTA.^[26]

2011 developments

After the opposition political party backtracked on their understanding to negotiate the FTA, to a more hardline stance, The ruling K National Party could potentially ratify the FTA alone in the parliament.^[27]

Seoul wanted products made by South Korean companies in the Kaesong Industrial Region in North Korea included in the bargain; Washington did not. The disagreement is unresolved simply was not allowed to scupper the deal, which allows for farther talks on the subject.^[11]

The Seoul Authoritative Courtroom has officially decided to release approximately 300 translation errors of the free merchandise agreement-related documents to public on December 2, 2011.^[28]

Lee Jeong-ryeol (이정렬), the master prosecuting attorney at the Changwon Commune Court in Gyeongsangnamdo criticized the FTA on his Facebook account, prompting business organisation from the judicial scene.^[29]

At that place is a judicial move to establish a special task group to speculate of a possible renegotiation of the agreement.^{[30] [31]}

Renegotiation, 2016–2018 [edit]

During the United States presidential campaign of 2016, Republican candidate Donald Trump described the United states of america–Korea Free Merchandise Agreement as a "job-killing merchandise deal".^{[32] [33]}

On April 27, 2017, President Trump announced his intention to renegotiate or stop the treaty, describing it as a "one-fashion street" and "a Hillary Clinton disaster, a deal that should've never been fabricated", characterizing the resulting situation as "Nosotros're getting destroyed in Korea"^[34] and that "It's a horrible deal, and nosotros are going to renegotiate that deal or finish information technology."^[35] According to Trump, "We've told them that we'll either end or negotiate; nosotros may terminate", while Due south Korea'southward Ministry of Trade said it had yet to receive a request to open renegotiations.^[34]

On September ii, 2017, President Trump said he was weighing whether to soon starting time the procedure of withdrawing from the agreement. Trump said he was consulting with his top advisors, some of whom supported withdrawal and some of whom – including Gary Cohn, President Trump's primary economic counselor – did not. The The states Chamber of Commerce expressed opposition to withdrawing from the agreement.^[36] By October 4, 2017, the Trump administration had backed away from because a total withdrawal from KORUS FTA and instead agreed with South Korea to renegotiate the deal.^[37]

On March xvi, 2018, The third round of Korea-U.S. FTA talks has begun.^[38] The talks ended after on March 27, when an understanding in principle was reached between the Trump assistants and the S Korean regime. The terms included an increase of almanac U.South. car exports from 25,000 vehicles to 50,000 that are but required to come across U.South. prophylactic regulations instead of S Korean regulations. A cap will also be placed on steel exports from Due south Korea to the United States, though Republic of korea will remain exempt from the 25% steel tariff the Trump assistants placed on near other nations.^[9] On the 24th of September, 2018 U.South. President Donald Trump and Republic of korea'southward President Moon Jae-in signed the new understanding at the Lotte Palace hotel in New York City.

Critics did non run into whatsoever benefit for the United States in these provisions, given the number of exports to Southward Korea was unlike to reach the lower quota, and Korean car makers were not importing trucks into the U.s..^[39]

Overfishing complaint [edit]

In September 2019, the United States filed an ecology complaint nether the agreement, alleging some fishing by Due south Korean vessels violated fishery direction rules.^[40]

United States reactions [edit]

Opponents [edit]

Opponents brand the following arguments:

• The exclusion of rice is unfair to Korean rice exporters.
• The agreement gives South Korea too much time to eliminate agricultural tariffs on US beef.
• The agreement says little about services, a U.Southward. forcefulness and the country'due south principal focus in bilateral negotiations.
• South Korea has long been accepted to selling cars, computers and ships around the world.
• Republic of korea provides Korean farmers with levels of subsidy considerably higher than farmers elsewhere in the earth.^[41]
• In 2008, some U.South. lawmakers opposed the costless trade bargain with S Korea, citing an imbalance in automobile trade. They too wanted more steel shipments to Republic of korea.
• The U.S. think-tank Economical Policy Institute predicted that information technology would lead to the loss of 159,000 jobs.^[42]

President Obama makes last-infinitesimal edits to a voice communication announcing the KORUS FTA on December 4, 2010.

• Much attending has been focused on automobiles, hitherto a major U.Due south. grievance and a large component of the bilateral trade deficit: during 2006, only about 4,000 U.S.-manufactured cars (excluding GM'southward Daewoo subsidiary) were sold in South korea while sales of cars manufactured by South Korean companies (including cars manufactured in Korean-owned U.Due south. plants) in the U.s. exceeded 800,000.^[11] South Korean automakers sold 730,863 vehicles in the United states in 2005, while American motorcar companies sold only 5,795 in S Korea, according to Commerce Department figures.^[43]
• The FTA will abolish taxes in Southward Korea "on big cars produced in the Usa, which U.S. automobile makers have long chosen an impediment to marketplace admission in Korea".^[44]
• When President Obama committed to move the Korea FTA in 2010, Democratic members of Congress and Democratic-affiliated groups strongly criticized the decision. President Richard Trumka of the AFL-CIO said: "Our negotiators should go dorsum to the tabular array to address the imbalanced marketplace-admission provisions in the agreement and to revisit the flawed investment, procurement, and services provisions likewise. President Obama promised a 'smart, off-white and potent' trade policy. The KORUS FTA does not meet this standard, and we volition work closely with the Administration and Congress to improve this agreement on behalf of American and Korean workers. Unless and until the agreement is amended to address these concerns, we will strongly oppose passage of the U.Due south.-Due south Korea merchandise agreement."^[45]
• Chairwoman Louise Slaughter (D-Due north.Y.) of the House Rules Committee said: "I am surprised that the Administration would try to slide this poorly written trade deal past the American public when Congress has already said that the bargain is not good for our economic system or workers… To try and advance the Korean FTA when so many workers are nonetheless struggling to find work would only motility our economic system backward. This trade pact was written by a Republican Administration with the corporate bottom line in listen. The President has pledged to work mitt in hand with Congress, but there are significant changes that must exist made in order for this free trade agreement to gain wide Congressional support."^[46]
• Immediately following the passage of KORUS in October 2011, sure companies and industry groups voiced their concern for the deal. Co-ordinate to the United States International Merchandise Commission, the American material industry is expected to lose jobs equally South Korean manufacturers make the same products at xv to xx beneath the cost to American manufacturers.^[47]
• Citing business organization over American jobs, Allen Eastward. Gant, Jr., the president and CEO of textile manufacturer Glen Raven, said "We are very much in favor of global trade, just nosotros're just not nigh having agreements that are unfair to the U.S. material industry.[...]The U.S. needs every single job that we tin can go." Others in the American cloth industry, which has experienced a sustained pass up for decades, stated that at that place was a lack of delivery by the U.S. government to preserve American textile manufacturing.^[47]
• The Korean entertainment manufacture opposed the understanding. In particular the Korean movie manufacture opposed the bargain because it reduced screen quotas which protected their movie manufacture from Hollywood domination.^[48]

Advocates [edit]

Advocates make

• Allowing Southward Korea to reduce tariffs on agricultural products over an extended period will ultimately earn the U.Southward. sufficient preference in this market, keeping out rival suppliers.
• Co-ordinate to the U.S. International Trade Commission (ITC), KORUS would add a minimum of $9.7 billion to U.South. exports and heave U.Southward. GDP by at least $ten.1 billion.^[49]
• The U.S. Bedroom of Commerce, a business lobbying grouping in favor of the FTA, predicts that the Korea FTA volition create U.South. jobs.^[42]
• U.Due south. financial services firms such equally Citigroup have pushed for the Korea FTA. Citigroup'due south Laura Lane, corporate co-chair of the U.S.–Korea FTA Business concern Coalition, stated that "information technology is the best fiscal services affiliate negotiated in a free trade agreement to date".^[50]
• On September 28, 2008, the U.S. Chamber of Commerce's Vice President of Asia and President of the U.S.–Korea Concern Council Myron Bright argued the automobile trade imbalance between the United states of america and South korea could be leveled past the U.S. Congress passing the KORUS FTA. He stated, "it includes strong commitments past the Korean government to accost virtually every tariff and non-tariff market admission bulwark to U.Southward. automobiles in Korea raised by the U.South. auto industry during the FTA negotiations."^[51]
• One poll in April 2007 indicated support for the FTA at 58.5%.^[52]
• In March 2006, prior to the formal U.S.–Korea negotiations, the Coalition of Service Industries (CSI) stated that one of its primary objectives in the negotiation related to information processing services:
• The understanding requires Korea to reduce "car taxes that are based on engine displacement that allegedly disadvantage U.S.-made cars, which tend to be larger than domestically-produced Korean cars".^[53]
• The Obama administration has opposed these engine displacement taxes even while vowing to support domestic limits on greenhouse gas emissions.^[54]
• More than $ane billion worth of U.Southward. farm exports to South korea will get duty-gratuitous immediately. Most remaining tariffs and quotas volition be phased out over the commencement 10 years the agreement is in strength. KORUS FTA would remove tariffs on 95% of consumer and industrial products betwixt the countries inside three years. South Korean industrial tariffs boilerplate half dozen.v% – and many are viii% – making market access a very important result for U.S. industries.^[44]
• The understanding does require both countries to enforce their own labor and environmental laws, and ensures access to legal mechanisms to ensure enforcement.^[44]
• South Korean public companies receive opportunities for privatization.^[55]
• Rice is excluded, at Seoul's insistence. In return, Republic of korea will reduce its 40% tariff on U.Due south. beefiness over fifteen years.^[11]
• The Coalition of Service Industries testified that "Korean laws make it hard for foreign companies to outsource and offshore activities. These laws often chronicle to privacy (individual information protection law and real name law). Under the Protection and Use of Credit Information Law and its Presidential Decree, foreign companies operating in Korea are prohibited from transferring whatever client data any out of Korea, even for the purposes of processing data to their own affiliates. In addition, as a effect of the revision of the Insurance Business Act in May 2003, it is mandatory for insurance companies to maintain in-house the basic human and not-human resources, including Information technology systems, necessary for insurance business. These restrictions seriously undermine the government's goal of making Korea into a financial 'hub' by significantly increasing the cost of operating in Korea. These regulations should be modified to allow companies to follow their global operating models for outsourcing and offshoring provided they accept existing practices to protect consumer information."^[56]

South korea reactions [edit]

Equally it does in the United States, the FTA proves a highly divisive effect in Korea. Opposition arguments tend to focus on perceived disparities in the agreement too as public stance. Advocates tend to focus on economic predictions.

Opponents [edit]

• The Korea Rural Economical Institute predicts that U.S. agronomical exports to Republic of korea, currently $two.eight billion, could double later on the FTA, causing the loss of up to 130,000 jobs.^[11]
• Citizens' groups worried nigh transparency, the surroundings and labor standards say the deal was deficient as it was agreed on backside airtight doors. The Southward Korean regime, for example, has not allowed open, public debate about the FTA'south impact on the nation'due south economy and sovereignty. The Korean Advert Broadcasting Bureau blocked the running of an advert produced by farmers protesting the bargain.^[44] "Should the FTA get police force after an undemocratic procedure and in spite of mass pop opposition, the FTA volition drive the perception in Southward Korea that America'due south autonomous rhetoric is simply a cover for profit-seeking behavior", Korean Americans for Fair Trade said.^[44]
• Baek Il, professor of Commercial Distribution Studies at Ulsan College, protested against the free merchandise agreement as "a devastation of the S Korean domestic manufacturing industry" in 2006 and in 2011.^{[57] [58]}
• Several massive protests against the FTA have taken place in the state. A nationwide protest on November 22, 2006, reportedly drew 65,000 to 80,000 people, with 9,000 to 20,000 of them gathering at the city hall in Seoul. A protester named Heo Se-britain set himself on fire Sunday shouting "Stop the Korea-U.S. FTA" outside the hotel where negotiators were meeting.^[43] He was being treated for third-caste burns, police said. The overall opinion of the population has fluctuated over fourth dimension and is difficult to gauge.
• Other polls indicated a bulk opposed to the agreement, including an 83% no confidence rating in the government's ability to negotiate the understanding.^[59] The Lee Myung-bak administration has taken considerable political heat for its part in advancing the FTA, as did the previous Roh Moo-hyun assistants. President Lee had to endure months of protests over the determination to reopen American beef imports, a decision that was made primarily with an heart towards securing American support for the FTA.^[25]
• Agriculture in South Korea is expected to be adversely afflicted, and $119 billion in aid to Due south Korean farmers has been announced over the next ten years to starting time the effects of the finalized agreement.^[60]
• Xv anti-KORUS FTA university students were arrested in forepart of the Blueish House fountain on December 10, 2011.^[61]
• Effectually 100 people who work the domestic beef industry protested against the Lee Myung-bak government in Jeonju on January 5, 2012, every bit the authorities are alleged to carelessness the Due south Korean farmers in favor of American beefiness.^[62]

Advocates [edit]

• S Korean public companies receive opportunities for privatization.^[55]
• The Korea Institute for International Economic Policy estimates that exports to the United States will rise by 12% per year, or $five.4 billion, and grow by 15% in the longer run.
• Proponents of the FTA cite that it will create more jobs than the ones destroyed, and will be, on the long term, benign for the state.^[63]
• Business concern groups welcomed the news that S Korea ended the free trade understanding with the U.S. business organisation leaders stressed the importance of smoothly implementing the side by side steps, including ratifying the agreement in the National Assembly of South korea.
• Lee Hee-beom, the chairman of the Korea International Trade Association (KITA) alleged that "This is our country's showtime pace in its endeavour to join the group of advanced economies", adding that "the government should work out measures to compensate those who might suffer from the market opening and proceed the restructuring procedure. The National Assembly should ratify the FTA every bit soon as possible and then that the negotiations volition show results rapidly." Like statements were made past the Federation of Korean Industries: "With the successful conclusion of the FTA talks with the U.S. as momentum, this agreement volition upgrade the traditional alliance with the Us to a higher level, and greatly aid our enterprises advance into the US".^[64]
• The Korea Sleeping accommodation of Commerce and Industry said, "We should view the FTA from the broad standpoint of promoting national interests rather than the interests of specific industries or groups".^[64]
• The gratis trade agreement is expected to increase the growth rate of the Southward Korean GDP by 0.six% per year for the next ten years. The South Korean government also cite increased foreign directly investment in Korea and heightened competition.
• The trade accord will knock down tariff and non-tariff barriers between the world's largest and 11th-largest economies, which did U.s.a.$74 billion in two-mode merchandise in 2006.^[20]

South Korean violation [edit]

Equally of 2017, Due south Korean government even so levies 25% tariff rate on imports from the United states. Southward Korean tax administration has been extensively great down and criminalizing personal businesses which sells imported US goods without paying the imposed tariffs.^{[ citation needed ]}

Effects [edit]

• The 775,000 vehicles Korea sold in the United States in 2007 include 250,000 that were made at the Hyundai plant in Alabama. When Hyundai brings its Kia factory in Georgia on line, information technology volition increase Korea's total production capacity in the United States to 600,000 units per year. If GM Daewoo vehicles are included in U.S. companies' sales in Korea, their market share there rises to 12.eight%, versus a U.Due south. market share of 5% for Korean manufacturers.
• A market opening already underway in law and accounting volition widen, just major service sectors such as education and healthcare were excluded. Labor productivity in the S Korean service sector is simply 56% of that in manufacturing, far below OECD's average of 93%.^[11]

Run into likewise [edit]

• South Korea–The states relations
• Free merchandise surface area
• Free trade
• Rules of Origin
• Marketplace access
• Free-trade expanse
• Tariffs

References [edit]

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External links [edit]

• Us – Korea FTA Full Legal Text
• Summary of the KORUS FTA
• Korea Will be Largest FTA Partner in 15 Years
• Video on South Korea-US Relations from the Dean Peter Krogh Strange Affairs Digital Archives
• KORUS FTA: Opportunities for Agronomics
• Launch of U.S.–Korea Costless Merchandise Understanding – Office of the U.South. Trade Representative, February 2, 2006
• Workers hold protests against U.South.-South korea gratuitous-trade talks – International Herald Tribune, November 22, 2006
• Usa, South Korea Conclude Gratuitous-Merchandise Agreement, USINFO, April two, 2007
• U.s. and Korea Conclude Historic Merchandise Agreement, Office of the U.Due south. Trade Representative, April ii, 2007
• The Administration'due south Focus on Promoting Free Trade and Enhancing U.S. Merchandise and Consign Opportunities The states Department of Country, September 26, 2008
• Us readies for Korean business Asia Times Online
• Korean Americans for Off-white Trade Official Website
• Corporate Win, Loss for the 99%: U.South.–Korea Free Trade Agreement Takes Consequence
• Embassy of the Democracy of Korea Statistics on KORUS FTA
• Where Is The 'Gratuitous Merchandise' In The TPP IP Chapter?, Techdirt, 2013.11.19
• Trade and Jobs: Can We Trust the Models?, Eye for Economic and Policy Research, Apr 2016

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Source: https://en.wikipedia.org/wiki/United_States%E2%80%93Korea_Free_Trade_Agreement

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