The KOR-U.S. FTA passed the Senate by a vote of 83-15. Democrats supported the bill largely because of the passage of the Trade Adjustment Assistance Program (TAAP) last week.
The TAAP Program, according to the CBO, will cost the taxpayers USD 90 million over three years.
Korean President Lee Myung-bak during a speech in D.C. noted that:
This economic alliance will promote free trade and send a powerful message all around the world that Korea and the United States stand united in our commitment to rejecting all forms of protectionism and that we are committed to free, open and fair trade,” he said.
“History teaches us that protectionism is not the answer when you are faced with a challenge of this magnitude.
Korea will likely pass the FTA within the month. Analysis of the FTA will be posted over the next couple of weeks. A bone of contention, for years to come, will be undervaluation of the Korean currency.
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