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The US/ROK FTA is ratified!.....

 
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falco



Joined: 26 Nov 2005

PostPosted: Wed Nov 23, 2011 9:53 am    Post subject: The US/ROK FTA is ratified!..... Reply with quote

.....now I'm waiting for the end of civilization as we know it.
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kimchijigijig



Joined: 27 Jun 2011

PostPosted: Tue Nov 29, 2011 11:08 pm    Post subject: Reply with quote

so my knowledge of fta is quite blurry (so if im mistaken please correct).

Previously, to this ratification, S. Korea has been given access to foreign markets with limited barriers (import taxes etc) to aid in boosting their economy and move from a third world country to be a first world country. At the same time, there was no reciprocal open access for foreign products etc to enter the Korean market, for obvious reasons.

But now that Korea is very close (if not in) to the top 10 economic powers of the world, those countries that allowed reduced access to their respective markets of korean products/services (while at the same time, korean not returning the luxury) they are now calling on Korea to open up their markets to reciprocal trading agreements that reduces barriers on foreign products and services.

Have I got this correct as to what the FTA ratification is?

So, I don't understand. Why are there those against it in the Korean public, government and private sector? Is it selfishness, fear of foreigness, lack of reciprocity, or all of the above?
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northway



Joined: 05 Jul 2010

PostPosted: Thu Dec 01, 2011 8:54 pm    Post subject: Reply with quote

kimchijigijig wrote:
So, I don't understand. Why are there those against it in the Korean public, government and private sector? Is it selfishness, fear of foreigness, lack of reciprocity, or all of the above?


Perhaps their proud of paying double what everyone else pays for anything made in Korea.
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New Balance



Joined: 15 Jan 2007

PostPosted: Thu Dec 01, 2011 10:37 pm    Post subject: Reply with quote

northway wrote:
kimchijigijig wrote:
So, I don't understand. Why are there those against it in the Korean public, government and private sector? Is it selfishness, fear of foreigness, lack of reciprocity, or all of the above?


Perhaps their proud of paying double what everyone else pays for anything made in Korea.


The disparity between the have and the have nots will increase. Though the industrial capitalists will gain a whole lot from this, it is the lower middle class and below who is get hit the hardest while everyone is suckered in thinking that they will have cheap bananas for life.
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falco



Joined: 26 Nov 2005

PostPosted: Mon Dec 05, 2011 8:30 pm    Post subject: Reply with quote

What a load of bollocks. Free trade has made Korea what it is today....the 9th largest economy in the world.
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Fat_Elvis



Joined: 17 Aug 2006
Location: In the ghetto

PostPosted: Wed Dec 07, 2011 6:21 am    Post subject: Reply with quote

falco wrote:
What a load of bollocks. Free trade has made Korea what it is today....the 9th largest economy in the world.


Completely untrue. Korea's export markets were protected in their infancy in the latter half of the 20th century by protectionist trade policies, and still largely are.

New Balance is right, economic inequalities will increase as the FTA only really benefits the ruling elite. Also, the part on tariffs is just one small part of the KORUS FTA, which brings in significant deregulation of many areas of the Korean economy, including deregulation of the financial industry in a similar way to the abolition of the Glass-Steagall Act in the USA for American firms, which lead to the global financial crisis.
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bucheon bum



Joined: 16 Jan 2003
Location: DC area

PostPosted: Wed Dec 07, 2011 7:22 am    Post subject: Reply with quote

Fat_Elvis wrote:
falco wrote:
What a load of bollocks. Free trade has made Korea what it is today....the 9th largest economy in the world.


Completely untrue. Korea's export markets were protected in their infancy in the latter half of the 20th century by protectionist trade policies, and still largely are.

New Balance is right, economic inequalities will increase as the FTA only really benefits the ruling elite. Also, the part on tariffs is just one small part of the KORUS FTA, which brings in significant deregulation of many areas of the Korean economy, including deregulation of the financial industry in a similar way to the abolition of the Glass-Steagall Act in the USA for American firms, which lead to the global financial crisis.


1. No, consumers will benefit too. For example red wine. Prior to the FTA with Chile, wine was hard to fine in Korea. Now? It's quite easy (and not crazy expensive). The Korean car industry and electronics firms won't benefit a ton from the FTA. Hyundai already builds cars here in the States and US trade barriers for electronics are pretty low to begin with.

2. Dude, no. The FTA and Glass-Steagall are apples and oranges. Furthermore, I suggest reading more about the financial crisis. Glass-Steagall was more symbolic than anything. By the time it was abolished, it had already been dilluted and most banks already had trading offices outside the States.
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BGuy



Joined: 11 Apr 2010
Location: Jeonju

PostPosted: Thu Dec 08, 2011 2:35 am    Post subject: Reply with quote

Notice how the cost of electronics from domestic companies are so much more than when sold overseas? Samsung cameras sold for double in Seoul compared to NYC? Although yes, smaller businesses will get hit, this will also force the big companies to start bringing their domestic sale prices down to the global level for their own people to be able to afford.
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falco



Joined: 26 Nov 2005

PostPosted: Sun Dec 11, 2011 10:38 pm    Post subject: Reply with quote

No doubt some of the big companies will benefit but the FTA should be good for everybody concerned to some extent anyway. Free Trade agreements with other countries nave benefited Korea enomously over the years. Because this one is an agreement with dreaded mi-gooks, the Korean left has been hysterically neurotic in its condemnation. That was the original point of my posting, according to the DP and its allies the sky was going to fall the moment this agreement was ratified. If you want to see the end result of anti-trade policies as recommended by the Korean left, just go north of the DMZ and look for yourself. It aint pretty.
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Titus



Joined: 19 May 2012

PostPosted: Thu Jul 31, 2014 6:36 am    Post subject: Reply with quote

http://www.epi.org/blog/korea-trade-deal-resulted-growing-trade/

Quote:
This Saturday is the second anniversary of the U.S.-Korea Free Trade Agreement (KORUS), which took effect on March 15, 2012. President Obama said at the time that KORUS would increase US goods exports by $10 to $11 billion, supporting 70,000 American jobs from increased exports alone. Things are not turning out as predicted.

In first two years after KORUS took effect, U.S. domestic exports to Korea fell (decreased) by $3.1 billion, a decline of 7.5%, as shown in the figure below. Imports from Korea increased $5.6 billion, an increase of 9.8%. Although rising exports could, in theory, support more U.S. jobs, the decline in US exports to Korea has actually cost American jobs in the past two years. Worse yet, the rapid growth of Korean imports has eliminated even more U.S. jobs. Overall, the U.S. trade deficit with Korea has increased $8.7 billion, or 59.6%, costing nearly 60,000 U.S. jobs. Most of the nearly 60,000 jobs lost were in manufacturing.


Worth considering in light of the TPP negotiations.
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