March 18th, 2008 Edit: Source Link Errors Fixed for PDF    

     It has been almost a year since the completion of Korea-US Free Trade Agreement (KORUS FTA) negotiations. The talks, which began in February 2007, were successfully concluded four months later. The FTA negotiations were held to eradicate each nation’s protective trade practices such as tariffs and import quotas. Statistically, the United States is South Korea’s 3rd largest trading partner, while South Korea is the 7th largest trading partner for the US. In 2005, US imports from South Korea totalled to a figure of 49 billion dollars, while US exports to South Korea were worth 37 billions dollars. This fairly large trading relationship signifies that the KORUS FTA is the largest trade deal since the North American Free Trade Agreement (NAFTA).
     Although the FTA is significant in proportion, the effect of this trade deal is also relative to the applied tariff rates of each nation. The average applied tariff rate on Korean imports hovers at 3%, while US exports currently undergo an average applied tariff rate of 12%. Based on such statistics, it is clear that US trade gains from improved access to the Korean market is large, while Korean trade gains from improved access to the US market is small.
     Despite this bipolar trade relationship, it is without a doubt that the KORUS FTA will have extensive impacts on the citizens of each country. And yet the trade agreement has drawn very little public attention in the United States. Although both democratic presidential candidates, Clinton and Obama, have expressed their vocal opposition to the KORUS FTA, it is likely that many Americans still remain unaware or indifferent towards the largest trade deal of this decade. Meanwhile, the Korean public has witnessed many demonstrations and media attention on this matter. Numerous anti-FTA rallies have been organized by Korean farmers and civic unions. Ho Seuk-eun, a Korean farmer, went so far as to commit suicide during a protest. For many Korean nationals, the KORUS FTA represents a severe danger to their very livelihoods.
     Since the successful completion of negotiations, the KORUS FTA now awaits to be approved by the legislative bodies of each nation. The South Korean government has submitted the deal to the National Assembly, while the United States has not yet considered the issue for a congressional vote. As such, it has become ever more prudent to recognize the true intentions of the FTA, and to stop the ratification process for its existence.

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