Dawning of 'Korus' in Korea needs careful observation

摘要

'KORUS', AS IT IS KNOWN, is important for several reasons. First, it is a significant deal, involving US 75 billion dollar in two-way trade, and is the biggest bilateral deal concluded since NAFTA in 1993. Second, it was concluded within hours of the effective expiry of the US President's trade negotiating authority and in the face of significant opposition from some sectors in Korea, especially farmers. And third, the agreement positions Korea at the centre of a new impetus for trade liberalisation in the Asia Pacific region. With Korea already looking at possible new deals, including with the EU, even Japan is coming under pressure from its own business lobby to conclude free trade agreements with major trading partners including the US.