The U.S.-ROK bilateral economic relationship entered a new era 1 April 2007 when President George W. Bush notified the U.S. Congress of his intent to enter into a free trade agreement (FTA) with the Republic of Korea. Assuming it is approved by the U.S. Congress and Korean National Assembly, the Korea-United States Free Trade Agreement (KORUS FTA)—the most commercially significant U.S. FTA since the North American Free Trade Agreement and Korea’s largest FTA ever—will add a significant new dimension to the U.S.-ROK alliance. More broadly, the KORUS FTA should serve as an impetus for increased trade liberalization throughout the Asia-Pacific region and worldwide. The negotiations that led to this FTA demonstrate that two countries with large, complex, and dynamic economies can work through challenges to negotiate a high-quality, comprehensive FTA.