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KORUS FTA 2.0: Assessing the Changes

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  • Jeffrey J. Schott

    (Peterson Institute for International Economics)

Abstract

On 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.

Suggested Citation

  • Jeffrey J. Schott, 2010. "KORUS FTA 2.0: Assessing the Changes," Policy Briefs PB10-28, Peterson Institute for International Economics.
    • Handle: RePEc:iie:pbrief:pb10-28
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    File URL: https://www.piie.com/publications/policy-briefs/korus-fta-20-assessing-changes
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    Cited by:

    1. Paola Conconi & Giovanni Facchini & Maurizio Zanardi, 2012. "Fast-Track Authority and International Trade Negotiations," American Economic Journal: Economic Policy, American Economic Association, vol. 4(3), pages 146-189, August.
    2. Jeffrey J. Schott, 2015. "Korea and the TPP: The Inevitable Partnership," Policy Briefs PB15-13, Peterson Institute for International Economics.
    3. Schott, Jeffrey J. & Lee, Minsoo & Muir, Julia, 2012. "Prospects for Services Trade Negotiations," ADB Economics Working Paper Series 319, Asian Development Bank.
    4. Caroline Freund & Sarah Oliver, 2015. "Gains from Convergence in US and EU Auto Regulations under the Transatlantic Trade and Investment Partnership," RSCAS Working Papers 2015/59, European University Institute.
    5. 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.

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