1 / 15

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?.

alisa-cash
Download Presentation

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

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  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

More Related