Korea-EU FTA Represents a Challenge for the United States
Korea is a relative newcomer to the negotiation of bilateral FTAs, concluding its first agreement with Chile only in 2003. Prior to engaging in bilateral FTAs, Korea emphasized the multilateral trading system. However, as other nations aggressively pursued bilateral agreements to open up promising markets and multilateral trade negotiations stagnated, Korea responded to the changing international trade environment with a series of bilateral trade agreements. Korea’s most recent agreement, with the European Union (EU), will only strengthen its claim to being the FTA hub of Asia and presents a challenge for the United States, whose own agreement with Korea is currently stalled.