Korea's Economy
From the Issue
Korea's Economy Volume 23About Korea's Economy
Korea’s Economy is KEI’s annual journal publication dedicated to the key issues of the day for the Korean economy. Articles in Korea’s Economy are designed to give the casual, but informed reader insight into issues related to Korea’s markets and financial institutions, economic reform, economic relations with the wider world, and North Korea. It is published jointly each year with the Korea Institute for International Economic Policy.
Author: Jordan Heiber
Region: Asia
Theme: Economics
Location: Korea, South, United States of America
Published May 25, 2011
Download PDFThe 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.