US Trade Commission examines FTA impact
Korea Times
US Trade Commission Examines FTA Impact
17 April 2006
WASHINGTON (Yonhap) The U.S. International Trade Commission (ITC) will hold a public hearing Thursday on a free trade agreement (FTA) with South Korea, industry officials said Sunday.
The hearing precedes a report by the U.S. Trade Representative (USTR) and has requested the commission to present information on the economic impact of the FTA by July 14, they said.
The USTR held its own hearing last month, in which U.S. business organizations urged South Korea to provide regulatory transparency and fair market access.
The FTA negotiations, announced in February, will officially begin in Washington on June 5. Seoul and Washington hope to wrap up the talks by early spring next year.
The ITC report, to be classified, will detail the potential impact of providing duty-free treatment for imports from Korea on U.S. industries producing competitive products and on American consumers.
The USTR specifically requested that the commission also study the probable economic impact of eliminating tariffs on imports of certain Korean agricultural products on U.S. industries and the economy as a whole.
The agricultural sector is likely to be the highest hurdle in concluding the FTA, with South Korean farmers fiercely protesting the opening of the market.
