U.S.-Korea Free Trade Agreement

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U.S.-Korea Free Trade Agreement
Hangul:	한·미 자유 무역 협정
Hanja:	韓美自由貿易協定
Revised Romanization:	Han-Mi jayu muyeok hyeopjeong
McCune-Reischauer:	Han-Mi chayu muyŏk hyŏpchŏng

The U.S.-Korea Free Trade Agreement (also known as KORUS FTA) is a trade agreement between the United States and the Republic of Korea. Negotiations were announced on February 2, 2006 and were completed in April 2, 2007.

To date, agreements have been reached on the restriction of trade based upon intellectual property rights, particularly for auto and pharmaceuticals. Issue up for discussion include the importation of U.S. beef, standards in the automotive industry and automotive emissions, and movie screen quotas.

Agriculture in South Korea is expected to be adversely affected, and $119 billion in aid to South Korean farmers has been announced over the next ten years to offset the effects of the finalized agreement. Rice is said to be excluded from free trade.[1]

Other than a theoretical projection of growth to Korean GDP (which are not compared to current expected growth), no benefits to the South Korean economy have been detailed at this time.

The U.S. has indicated that it does not want to import goods from the Kaesŏng Industrial Region in North Korea as a part of this agreement.

Some South Koreans have protested against the pending treaty at different times. A nation-wide protest on November 22, 2006 is reported to have drawn 65,000 to 80,000 people, with 9,000 to 20,000 of them gathering at the city hall in Seoul. The Labor Ministry reported 58,000 workers on partial walkout for the day. Protesters include workers from the auto industry (45,000 from Hyundai and Kia), teachers, and agricultural workers. One poll before the conclusion of the agreement indicated that 83% of the population was against the trade pact.