Statistics

Media weighs in on South Korea-U.S. free trade agreement

April 2nd, 2007

The news media the world over weighed in on the agreement on terms for a South Korea-United States free trade agreemente, which would be the largest for South Korea ever and the largest for the United States since the North America Free Trade Agreement passed in 1993.

Here are stories from Bloomberg, the New York Times, the Financial Times, Reuters and the Associated Press. Bloomberg’s story is a second-day analysis of its first-day story.

• Senators, Labor, Auto Makers Slam U.S.-Korea Deal

U.S. automakers, farmers and lawmakers expressed opposition to the trade agreement the Bush administration worked out with South Korea, suggesting it may encounter a rough road toward congressional approval.
The agreement, reached yesterday in Seoul, would eliminate duties on products such as South Korean autos and apparel and reduce investment barriers for U.S. insurers and banks. South Korea will phase out its tariffs on beef and pork. Read more.

• “U.S. and South Korea in Landmark Trade Deal

SEOUL, South Korea, April 2 United States and South Korean negotiators struck the world’s largest bilateral free trade agreement on Monday, giving the United States a badly needed lift to its trade policy at home and South Korea a chance to reinvigorate its export economy. Read more.

• Compromise delivers 11th-hour deal

For South Korea, a free trade agreement with the US was never just about market access to its second-largest trading partner.
Seoul had much grander ambitions than that. It hoped for a deal that would bring increased investment from the world’s largest economy; technology transfer from a global leader; and knock-on improvements across the under-developed service sector. Read more.

• U.S. and S. Korea reach trade pact

SEOUL South Korea and the United States reached a deal today that could increase their annual $72-billion trade by more than $20 billion, officials from both countries said.

The agreement follows nine months of talks between the U.S. and Asia’s third-largest economy, and comes in time to allow the Bush administration to use fast-track trade legislation that expires June 30. The legislation allows the president to negotiate trade pacts that Congress may approve or reject, but not alter. Read more.

• U.S. and S. Korea Reach Historic Free Trade Deal

SEOUL, April 2—The United States and South Korea successfully concluded a free trade agreement after almost 10 months of contentious negotiations, a U.S. official said Monday.
The deal, which requires legislative approval in both countries, is the biggest for the United States since the North American Free Trade Agreement signed in 1992 and ratified in 1993. It is the biggest ever for South Korea.
Read more.

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