The Republic of Korea-United States Free Trade Agreement (KORUS FTA) has been ratified by the National Assembly of South Korea, thus taking a step closer towards its implementation form January 1, 2012.
The KORUS FTA was signed in 2007, and since then the accord had been awaiting approval from legislative houses of both the countries. In October 2011, the bill was passed by the US Congress and was later signed into law by President Barack Obama.
The implementation of KORUS FTA would make it the biggest US trade pact since the coming into force of the North American Free Trade Agreement (NAFTA) in 1994.
For South Korea, the pact would make it the only country to have such a trade agreement with the world's three major economic blocs. South Korea already has FTA in place with the European Union (EU) and the Association of South East Asian Nations (ASEAN).
The South Korean Government is expecting that the trade accord would significantly boost its economy and result in the creation of 350,000 new employment opportunities in the country.
The Trade Ministry estimates Korea's exports to the US to rise at an annual average of US$ 1.285 billion during the next 15 years. It also projects the imports from the US to increase by US$ 1.147 billion per annum, resulting in improvement of Korea's trade balance with the US by US$ 138 million every year.
Fibre2fashion News Desk - India
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