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Korean Job Discussion Forums
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Kuros
Joined: 27 Apr 2004
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 Posted: Fri Jan 23, 2009 10:36 am Post subject: |
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| I don't think it'll be that bad for South Korea. Noh Moo Hyun isn't running the country anymore. |
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caniff
Joined: 03 Feb 2004
Location: All over the map
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| Posted: Fri Jan 23, 2009 5:02 pm Post subject: |
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| Kuros wrote: |
| I don't think it'll be that bad for South Korea. Noh Moo Hyun isn't running the country anymore. |
You're probably right, but I think a little "tough love" is in order. You know, just to keep everyone on the same page. |
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mises
Joined: 05 Nov 2007
Location: retired
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| Posted: Fri Jan 23, 2009 5:17 pm Post subject: |
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| Kuros wrote: |
| I don't think it'll be that bad for South Korea. Noh Moo Hyun isn't running the country anymore. |
No, it won't be bad. But the FTA is, I think we can say with great certainty, dead. |
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mises
Joined: 05 Nov 2007
Location: retired
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| Posted: Tue Mar 10, 2009 8:59 am Post subject: |
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http://www.bloomberg.com/apps/news?pid=20601087&sid=ap4CTGHmk1Jo&refer=home
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South Korea Defends Trade Pact U.S. Vows to Change
March 10 (Bloomberg) -- South Korea defended an economic accord with the U.S. that President Barack Obama�s nominee for U.S. trade representative vowed to alter on the grounds it �isn�t fair.�
�Our stance remains that the U.S.-Korea Free Trade Agreement is a balanced agreement,� South Korean Trade Ministry spokesman Yoon Sang Soo said by telephone today in Seoul.
South Korean Trade Minister Kim Jong Hoon said in January that renegotiating the 2007 agreement is �out of the question.� The trade deal, which neither countries� lawmakers have ratified, �isn�t acceptable� and will have to be changed, Obama pick Ron Kirk told the Senate Finance Committee at his confirmation hearing yesterday.
Kirk, the former mayor of Dallas, was praised by senators of both parties, who said they looked forward to working with him as trade chief. Kirk told the panel that the administration plans to focus on enforcing existing agreements, not seeking new ones.
�We will not do deals just for the sake of doing so,� he said. He doesn�t have �deal fever,� Kirk said.
The U.S.-South Korea trade accord, the biggest for the U.S. since Nafta in 1994, was signed in June 2007. Automakers such as Ford Motor Co. opposed it, and President George W. Bush never submitted it to Congress for approval.
Guaranteed Access
Democrats and some manufacturers say the deal would give Korean auto companies guaranteed access to the U.S. market without assurances that American companies can break into the Korean market. Still, companies such as Citigroup Inc. and insurance company ACE Ltd. argued it would give a boost to their efforts to crack Korea�s markets.
�We have to be prudent and not overreact to what a nominee says in a confirmation hearing,� said Heo Yoon, a professor at the Graduate School of International Studies at Sogang University in Seoul. �The government may hold additional talks to bring the accord up to speed, but the core of the deal isn�t likely to change.�
U.S. trade representatives under the Bush administration, including Susan Schwab, Robert Portman and Robert Zoellick, completed free-trade agreements with 13 nations, up from the three that were in place when Bush took office in 2001. Bush also signed pacts with Panama, South Korea and Colombia, then failed to get Congress to approve them.
WTO Resolution
Kirk didn�t define the enforcement of trade rules he is seeking. In the past, the U.S. has taken complaints to the World Trade Organization for resolution, or demanded in negotiations that other nations buy more U.S. goods.
The Finance Committee and the full Senate will vote on Kirk�s nomination. |
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Rum Jungle
Joined: 18 Nov 2005
Location: North Asia
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| Posted: Tue Mar 10, 2009 10:49 am Post subject: |
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Mises, I think it's cruel to say that the Korean economy is a one-trick pony with the chaebols and protectionist interests.
Maybe, instead they're playing hard-ball with this latest move, like Rahm Emmanuel, "Every crisis is an opportunity.". |
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mises
Joined: 05 Nov 2007
Location: retired
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| Posted: Tue Mar 10, 2009 12:52 pm Post subject: |
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| I think it's cruel to say that the Korean economy is a one-trick pony with the chaebols and protectionist interests. |
I don't think I said that. I said that the chaebol dominate trade policy. Add militant Chaebol unions to this.
But the Korean economy, as anyone who lived in there can see, is full of small family run businesses. The big revenue does come from exporting corps, however.
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Maybe, instead they're playing hard-ball with this latest move, like Rahm Emmanuel, "Every crisis is an opportunity.".
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Quite a lot of political capital was blown getting the FTA pushed through in the ROK. I don't think they'd actually be able to open it up without a whole can of problems.
The American manufacturing sector needs help. Like Canada and elsewhere, the United States needs a sane industrial policy, and trade plays a roll in this. |
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