ISDS Case Map
Korea
It is natural that the government shifts its focus from the financial sector to the real economy in dealing with the ongoing crisis.
The administration and ruling party decided October 31 that they are going to move towards an early ratification of the free trade agreement with the United States, meaning many will be watching to see whether a ratification bill passes the current National Assembly session.
The U.S. has led the way in efforts to lower barriers to global trade since World War II, despite opposition from unions and voters hurt by foreign competition. This election could put trade-liberalization on ice for a while.
President Lee Myung-bak called for a quick approval of the free trade agreement (FTA) signed between South Korea and the United States in a meeting with business leaders from both countries in Seoul Friday.
A free trade agreement (FTA) between South Korea and Cambodia will go into effect as of November, the government said Friday.
The United States and South Korea began two days of trade talks on Tuesday, but plan to steer clear of auto industry provisions blocking Washington's approval of a bilateral free trade agreement, a U.S. official said.
The Foreign Ministry has again urged National Assembly lawmakers to pass the Korea-U.S. free trade agreement as soon as possible.
Trade ministers from South Korea and the European Union (EU) are expected to meet in Brussels early next month to iron out divisive issues related to their free trade negotiations, officials said Sunday.
"Regardless of who is in power federally, we cannot afford a free trade agreement with Korea," Canadian Auto Workers member Mike Byrne said, noting Korea sold 130,000 vehicles in Canada in 2005 and Canada sold 400 vehicles in Korea that same year.
Ambassador to Washington Lee Tae-sik says if the U.S. Congress fails to ratify the Korea-U.S. free trade agreement this year, the effort would resume after 2010.
