US-South Korea free trade agreement negotiations impasse in the experience after 3 years has finally been a breakthrough. South Korean Foreign Minister Kim Jong-hoon 5 senior officials of the Korea-US free trade agreement announced additional results of the negotiations, in 2007 signed a free trade agreement between the two countries involved in the areas of automotive and agricultural provisions will be modified. In response, South Korean media that the two sides signed a supplementary agreement may encounter greater resistance to Congress. However, Obama is full of confidence. He called on Congress to quickly approve 4 of this agreement, said U.S. and South Korea free trade agreement will be an annual increase of U.S. exports worth 11 billion U.S. dollars and create thousands of jobs.

New agreement to take care of the concerns of the automotive industry

5, Kim Jong-hoon said at a press conference, Korea and the U.S. on November 30 to December 3 meeting of trade ministers held in the U.S. on free trade agreements for further consultations. After consultations, the two sides to the “Agreement Summary” in the form of a new agreement and the agreement reflects the concerns of each side. South Korea in early 2011 this agreement will be submitted to Congress for approval.

New deal heavily favors the concerns of the U.S. auto industry, the signing of the agreement is essential. Under the agreement, the United States in the next 5 years, the gradual elimination of South Korea 2.5% levied on car import tariffs; South Korea agreed to the additional protection of the U.S. auto industry provisions of the U.S. auto import tariffs will fall to 4% level. The abolition of South Korea’s import restrictions on U.S. beef, the new protocol agreement in 2007, compared with not much change.

US-South Korea free trade agreement is in deadlock last 3 years to reach, involving a wide range of lower tariffs on goods and services trade barriers to the content. The two sides signed in 2007 a free trade agreement, but because cars and beef industry’s strong opposition, the agreement has been shelved by Congress. Ford Motor Company in the United States recently published large advertisements in major newspapers, and expressed its opposition to the company’s Web site views of the US-ROK trade agreement.

There are different voices in both countries

Korea-US agreement on this, Korea has been mixed. A spokesman for the ruling Grand National Party, South Korea On Hang Wun 5 that the Grand National Party that the Korea-US negotiations to achieve a win-win situation, Congress should quickly approve a supplementary agreement negotiations. Although South Korea has made certain concessions automotive field, but considering the U.S. car market share in South Korea, the ROK offered concessions to the United States does not have a great impact South Korean auto makers, while South Korea imported meat and other fields in the made concessions to the United States. South Korea’s largest opposition Democratic Party that consultations between South Korea and the United States is “humiliating negotiations,” when Democrats in Congress oppose the consideration of the agreement. Advanced opposition Liberal Party 5, also said that the Korea-US agreement reached in the country suffer, and betrayed the trust of citizens, the Liberal Party will oppose the approval of the advanced agreement.

U.S. public opinion on the signing of the US-ROK Free Trade Agreement is still mixed. The support of the United States Chamber of Commerce-based free trade agreements believe that South Korea signed a free trade agreement will help the United States and other countries signed a free trade agreement, Obama is the next 5 years through trade of total U.S. exports important to promote the goal of doubling the amount. Over the years, many U.S. multinationals have been criticizing the U.S. government efforts to expand free trade agreement is not enough, especially in Asia, are lagging behind the EU and other competitors. Critics attack the interests of American workers protection agreement is not enough, South Korea, the rapid growth of exports to the United States, its results may be counterproductive, leading to loss of tens of thousands of U.S. jobs.

Kim Jong-hoon also stressed that the Korea-US agreement achieved with minimal changes to the Korea-US win-win situation, not unilateral concessions that is South Korea. 5, Yonhap news agency reported that the Korea-US FTA negotiations on additional proposed by the United States, aimed at eliminating the free trade agreement the United States concerns automobile parts, so South Korea on the defensive, the negotiations have also been what can be achieved limited. For this agreement, the approval by Congress, will face no small resistance, taking into account the objections of opposition parties in Korea, the earliest until 2012 before the Korea-US Free Trade Agreement came into effect.

U.S. analysts believe that U.S. and South Korea signed a free trade agreement the same day, a time when renewed rumors of the U.S. job market is depressing news. As Republicans in Congress get more seats in the midterm elections, despite the obstacles still exist, but the free trade agreement approved by Congress to increase the likelihood.

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