South Korea US FTA Is Expected To Significantly Boost South Korea's Exports

South Korea's ruling great national party held a 22 plenary session of Parliament, and voted separately to implement the Korea us free trade agreement (FTA). bill 。

On the same day, the voting was carried out by the 151 Koreas, 7 votes against and 12 abstentions. Previously, Korea us The FTA performance act was passed by the US Congress, and the first approval procedure was completed in the United States.

South Korea US FTA is controversial in South Korea, especially the ruling party and opposition parties. The Republic of Korea ruling party The big national party believes that the Korea US FTA will help Korea's economic growth. But the South Korean opposition camp, which has objections, resolutely opposes the South Korea US FTA's encroach on South Korea's economic interests, and calls on the masses to "occupy the Congress" to prevent the ruling party from forcing the agreement.

South Korea and the United States formally signed the Korea us free trade agreement in June 30, 2007, but after the signing of the agreement, the two governments had several rounds of consultations and contest on the contents of the agreement, and made some modifications to the contents of the more sensitive automobile, agricultural and livestock products in the FTA, and finally reached a consensus. Both South Korea and the United States hope that the agreement will come into effect in January 1st next year.

South Korea's "daily economic news" said that when the Korea us free trade agreement came into force, South Korea's strong growth in Global trade competition. As the first Asian country to sign free trade agreements with the European Union and the United States, the brand value of South Korea has been further improved, not only that, but also has the core strength of the future economic integration in Asia. According to the relevant research report, if the Korea us free trade agreement comes into force in January next year, the G D P in the next ten years is expected to increase by about 5.66%. Jin Jundong, a research member of the former Institute of foreign economic policy, said: "under the environment of postponing the signing of the free trade agreement, the Korean ancestors signed a free trade agreement with the two major economic markets, which is of profound significance in gaining market opportunities." After the entry into force of the agreement, South Korea's automobile, textile, steel and shipbuilding industries are expected to benefit from a gradual reduction or cancellation of tariffs and a significant increase in US exports.