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New Opportunities for U.S. and Korea in FTA Essay Example

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New Opportunities for U.S. and Korea in FTA

New Opportunities for U.S. and Korea in FTA. The FTA between the United States and South Korea faces a number of problems. The trade deficit was the leading challenge for this convention since its approval. The trade deficit is proof of the ineffectiveness of this agreement since its enactment in terms of the proposals made, and signs of progress recorded thus far (Williams, Manyin, Jurenas, and Platzer 14). In 2013, the United States recorded a trade shortfall between its exports to South Korea and vice versa. This shortfall came nearly a whole year following the approval of the FDA between both countries. This shortfall exceeded $20 billion, which is almost a 100% rise from shortfalls recorded before the enforcement of this convention (Cohen 2014).

Trade shortfalls between the United States and South Korea pose a serious challenge. Opponents of this FTA condemn its adoption and question its effectiveness (Brinkley 2015). In addition, shortfalls are connected explicitly to employment opportunities. This relationship means more the United States will export more merchandise and services and create more employment opportunities. This increase will not be applicable when these exports an overflow of imports of almost the same merchandise and services from South Korea is dwarfing it. Rather than materializing the proposed 70,000 jobs, the United States lost 40,000 opportunities during the first year of this FTA (Williams, Manyin, Jurenas, and Platzer 14).Another major challenge that this convention faces is origin confirmation. Customs offices implement protocols to ascertain whether an import from an FTA member country meets the standards under which the regulations of origin requirements of the agreement, and is thereby eligible for privileged treatment. In this case, privileged treatment includes reduced tariffs or duty-free movement (Williams, Manyin, Jurenas, and Platzer 13). Since the implementation of this FTA, the United States has been facing negative decisions on American imports like frozen orange juice distillate, chemicals, and vehicles by the South Korean Customs Service. New Opportunities for U.S. and Korea in FTA.

Works Cited

Allen, Brian. U. S. -Korea Free Trade Agreement: Passenger Vehicle Sector Update. New York: DIANE Publishing, 2011.

Brinkley, John. Protectionists Disingenuously Attack US-Korea Free Trade Agreement. 2015. Forbes. Web. 29 Apr. 2015.

Cohen, Larry. Korea-US Free Trade Agreement Two Years Out: Promise vs. Reality. 2014. Huffington Post. Web. 29 Apr. 2015.

Export.gov. The U.S.—Korea Free Trade Agreement (KORUS). 2012. Export.gov. Web. 29 Apr. 2015.

Kirk, Donald. U.S. Warns Seoul Of Exporters' Concerns About Free Trade Deal -- The Ball's In South Korea's Court. 2014. Forbes. Web. 29 Apr. 2015.

Manyin, Mark E. U.S.South Korea Relations. New York: DIANE Publishing, 2014.

TRADE.gov. Why a U.S.-Korea Trade Agreement? n.d. International Trade Administration. Web. 29 Apr. 2015.

USTR. U.S. - Korea Free Trade Agreement: New Opportunities for U.S. Exporters Under the U.S.-Korea Trade Agreement. n.d. Office Of The United States Trade Representative. Web. 29 Apr. 2015.

Williams, Brock R., Mark E. Manyin, Remy Jurenas, and Michaela D. Platzer. The U.S.-South Korea Free Trade Agreement (KORUS FTA): Provisions and Implementation. 2014. Congressional Research Service. Print. 29 Apr. 2015.

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preview essay on New Opportunities for U.S. and Korea in FTA
  • Pages: 7 (1750 words)
  • Document Type: Research Paper
  • Subject: Macro & Microeconomics
  • Level: College
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