EU-South Korea Free Trade Agreement and Its Implications for the United States

摘要

This report is designed to shed some light on the KOREU FTA for Congress.3 It briefly reviews EU-South Korean economic ties and the respective EU and South Korean objectives regarding the KOREU FTA. It then discusses the KOREU FTA in general and examines some of its major provisions in more detail, with special focus on autos and some other manufacturing sectors, agriculture, services, and laborareas of particular interest to U.S. policymakers and the U.S. business community. The report does not attempt to determine if one FTA is better than the other. That determination can largely be subjective, since the priorities of the EU and the United States differed in some respects. In addition, the models used in measuring the quantifiable effects of the two agreements likely differ leading to incompatible measurements. Nevertheless, where possible and relevant, the report draws general comparisons and contrasts with the proposed KORUS FTA. Finally, the report analyzes the prospects for the KOREU FTA and the agreements potential implications for the United States.