KORUS FTA 2.0: Assessing the Changes
AbstractOn December 3, 2010, the United States and South Korea agreed to incremental changes to the Korea-US Free Trade Agreement (KORUS FTA) that greatly increase prospects for Congressional ratification next year. Immediate tariff cuts on autos and light trucks have been deferred a few years. Korea agreed to auto regulatory reforms that should help mitigate existing problems and preclude the introduction of new nontariff barriers. Minor adjustments also were made to the phase-out of Korean pork tariffs, the duration of US L-1 visas, and the grace period before Korea has to implement a pharmaceutical "patent linkage" system. The new deal should provide gains of more than $20 billion in bilateral trade. The pact also should have positive knock-on effects on the awakening global trade talks and on negotiations for a Trans-Pacific Partnership.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by Peterson Institute for International Economics in its series Policy Briefs with number PB10-28.
Date of creation: Dec 2010
Date of revision:
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
- Jeffrey J. Schott & Minsoo Lee & Julia Muir, 2012.
"Prospects for Services Trade Negotiations,"
Working Paper Series
WP12-17, Peterson Institute for International Economics.
- Jeffrey J. Schott & Cathleen Cimino, 2013. "Crafting a Transatlantic Trade and Investment Partnership: What Can Be Done," Policy Briefs PB13-8, Peterson Institute for International Economics.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Peterson Institute webmaster).
If references are entirely missing, you can add them using this form.