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R.O.K-U.S Free Trade Agreement

R.O.K-U.S Free Trade Agreement. November 22 nd , 2011 The Ratification of R.O.K-U.S FTA. The National Assembly session held by a surprise. Out of 295, only 170 present. Avoiding a physical attempt to block the bill. Strong protest expected in future. Tear Gas Canister. What is FTA? .

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R.O.K-U.S Free Trade Agreement

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  1. R.O.K-U.S Free Trade Agreement

  2. November 22nd, 2011The Ratification of R.O.K-U.S FTA • The National Assembly session held by a surprise. • Out of 295, only 170 present. • Avoiding a physical attempt to block the bill. • Strong protest expected in future

  3. Tear Gas Canister

  4. What is FTA?

  5. Tariffs

  6. Expected Effects • 0.42~1.99% rise (2.9 ~ 13.5 billion USD) in Korean GDP • 2.4 billion~6.8 billion USD benefit for Korean consumers • 12.1~15.1% rise (5.4 ~ 7.1 billion USD) in Korean exports to the U.S • 29.1~39.4% rise (9.6 ~ 12.2 billion USD) in Korean import from the U.S • Approximately 104,000 new jobs in Korea - Korean Institute for International Economic Policy

  7. Timeline • February 2nd 2006: Announcement of Negotiations • April 1st 2007: Conclusion of Negotiations • June 30th 2007: Signing of the Treaty • December 2010: Signing of the Renegotiated Version of the Treaty • October 12th 2011: Ratification by the U.S Congress • November 22nd 2011: Ratification by the R.O.K National Assembly

  8. Opposition Opposition in Korea • Investor-State Dispute System • Negative effects on Korean Agriculture • Not very advantageous for Korea • Currently, only 2.5% tariff for cars, no tariff for cell phones and semi conductors. Opposition in the U.S • Negative effects on the U.S car industry • Insufficient opening of the Korean agricultural market - Rice market remains closed, too long time period for opening the markets for other grains and meat

  9. Why Should We Care? • Influence on our daily lives

  10. Why Should We Care? Facilitation of R.O.K-U.S Trade

  11. Why Should We Care? Korean exports Korean imports

  12. Why Should We Care?

  13. Power Dynamics in East Asia • Influences on FTA between East Asian countries - Korea-Japan, Korea-China, Japan-China, etc • Greater R.O.K-U.S Trade = Less Korean Dependency on China = Greater U.S presence in East Asia = More intense competition for American market between Korea and Japan (Cars, Electronics, etc) since Korean products would soon have more competitive price.

  14. Works Cited • Office of the United States Trade Representative http://www.ustr.gov/uskoreaFTA • R.O.K Ministry of Foreign Affairs and Trade http://www.mofat.go.kr/main/index.jsp • FTA webpage by R.O.K Ministry of Foreign Affairs and Trade http://www.mofat.go.kr/main/index.jsp • Korea Herald News Article http://www.koreaherald.com/national/Detail.jsp?newsMLId=20111122000941 • Wikipedia Article on R.O.K-U.S FTA http://en.wikipedia.org/wiki/Free_trade

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