South Korean Parliament Ratified The Korea Us Free Trade Agreement
The South Korean national assembly has approved the Korea us free trade agreement (FTA), which is to be implemented in January 1, 2012.
free trade
The agreement is a step forward.
FTA signed in 2007 and has been waiting for the two legislature since then.
Approval
。
In October 2011, the United States Congress passed the bill, and then president Obama signed the bill.
Law
。
The implementation of the Korea us FTA will be the largest US trade agreement since the North American Free Trade Agreement (NAFTA) came into force in 1994.
For South Korea, the agreement will make South Korea the only country to sign such trade agreements with the world's three largest economic bloc.
South Korea has signed a free trade agreement with the European Union (EU) and the association of Southeast Asian Nations (ASEAN).
The South Korean government expects that the trade agreement will significantly enhance the economy of Korea and create 350 thousand new jobs for South Korea.
South Korea's Ministry of trade estimates that in the next 15 years, South Korea's exports to the US will grow by an average of US $1 billion 285 million per year.
Imports from the United States are expected to grow by US $1 billion 147 million / year, thus improving the trade gap between Korea and the US $138 million per year.
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