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South Korean Parliament Passes South Korea Us Free Trade Agreement

2011/11/26 16:20:00 11

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Korea us

free trade

The agreement (FTA) was approved by the Korean parliament in November 22nd (2011).

South Korea's ruling great national party, relying on the majority of seats in parliament, forced the 22 South Korean free trade agreement to cross the last line of the agreement.

obstacle

As the Korea us FTA has also been approved by the US Congress, the agreement is expected to take effect as soon as possible in January 1st (2012).

Since the start of negotiations in early 2006, the US and South Korea formally signed the Korea us free trade agreement in June 30, 2007. But after the signing of the agreement, the two governments have negotiated and compared the contents of the agreement for several rounds, and have 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 Korean media 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 effect in January next year, South Korea's automobile, textile, steel and shipbuilding industries are expected to benefit from the gradual reduction or cancellation of tariffs and a significant increase in US exports.

South Korean government statistics show that South Korea and the United States FTA can increase South Korea's 350 thousand jobs, and GDP's GDP in the next ten years is expected to rise by about 5.66%.

As South Korea and the US FTA came into force, free trade talks sparked a string of events in the Asia Pacific region.

chemical reaction

And spread quickly.

In November 11th, Japan announced its accession to the p Pacific Strategic Economic Partnership Agreement (TPP), which was led by the United States, Chile, Singapore, New Zealand and other 9 countries.

On the second day, Mexico and Canada also announced their participation in the TPP consultations.

Stimulated by this stimulus, from 17 to 19 on the Bali Island in Indonesia, the ASEAN and Korea China Japan summit decided that in addition to the ASEAN, the 6 countries of South Korea, China, Japan, Australia, India and New Zealand were also included in the "Asian great trade area".