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.
- The U.S. Military Presence in Korea: New Focus for U.S. Foreign Policy?
- Not So Free Speech over the Internet in Korea?
- KORUS FTA: Impacts on Trade & Investment for Korea and the States (Guest Post by NerdWallet Journalist)
- KOR-US FTA Passed the Korean National Assembly Today
- South Korea Begins 7th Round of Negotiations with China on Free Trade Agreement
- South Koreans Ask U.S. to Reconsider Timing of Military Handoff by Tom Coyner
- File Your U.S. Taxes in Korea: Earned Income Tax Exclusion/FBAR
- Korean Government Official Prosecuted in U.S. for Violation of Korean Law? Application of Korean Law in U.S. Courts
- Korea-China to Expedite Free Trade Talks
- Not Guilty Verdict for U.S. Government Employee with U.S. 8th Army: Announcement