Better late than never. Last week, the United States and South Korea concluded negotiations on their free trade agreement. If passed by the two legislatures, KORUS, as it is popularly known, will provide an economic boost for the two countries.
More important, it could revive enthusiasm in the U.S. for more trade deals, pump new momentum into stalled global trade talks and strengthen ties between the U.S. and South Korea at a time of increasing tension in Northeast Asia. KORUS is a strategic agreement, not just an economic one.
KORUS is the largest trade agreement South Korea has ever signed, the largest for the U.S. since the North American Free Trade Agreement (NAFTA) in 1992, and the first U.S. FTA with a major Asian economy. The George W. Bush administration launched talks with South Korea in February 2006 and an agreement was concluded a little over a year later.
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