US FTA expected in 3 years
Korea Times | 05-31-2006
US FTA Expected in 3 Years
Despite ups and downs in the negotiations for a free trade agreement (FTA) between South Korea and the United States, the two countries are likely to reach a final agreement in two to three years, according to a report by the Samsung Economic Research Institute (SERI) Wednesday.
The private think tank forecasts that as the two countries are working hard to clinch the bilateral agreement, an FTA is likely within three years.
If both countries reach a consensus on sensitive topics such as opening the rice market and regulations around Kaesong-made products by the year’s end, the free trade pact will become effective after parliamentary approval by mid-2008 or 2009 at the latest. North and South Korea have a joint industrial project in Kaesong, which is located in North Korea.
SERI also reported that the bilateral FTA is the only way for Korea to survive economically in an age of rapid globalization.
It added that the free trade pact will not only strengthen Korea’s economic capabilities and bilateral relations between the two nations but also upgrade Korea’s image in Northeast Asia.
