Free Trade with South Korea, Colombia and Panama Grows Closer
The office of the United States Trade Representative announced that talks were held Dec. 19–20 with South Korea on implementing the free-trade agreement signed between the two countries and passed by Congress on Oct. 12. It was ratified by the National Assembly of South Korea on Nov. 22.
It is the first U.S. free-trade agreement with a major Asian country and the largest U.S. trade pact since the North American Free Trade Agreement went into effect in 1993. The South Korean pact is expected to boost U.S. exports by $9.7 billion a year.
Delegations from the two countries discussed each other’s respective laws and regulations related to implementing the pact.
The U.S. government is also receiving and translating materials from Colombia and Panama to put into motion the free-trade agreements signed with those countries and also approved by Congress on Oct. 12.—D.B.
