ABSTRACT

Trade Promotion Authority and the Korea Free Trade Agreement [December 22, 2010]   [open pdf - 189KB]

"On June 30, 2007, U.S. and South Korean officials signed the Korea Free Trade Agreement (Korea FTA or KORUS FTA) for their respective countries. It is one of three free trade agreements currently awaiting submission to Congress for approval and implementing legislation. In June 2010, the Obama Administration announced plans to seek Congress's approval for the Korea FTA after first engaging in talks with South Korea over U.S. concerns with the agreement as signed, particularly over its provisions involving market access for U.S. autos. These talks were concluded on December 3, 2010 with a text that has been referred to as a 'supplemental agreement' or 'supplementary deal' to the 2007 Korea FTA. The Executive, in consultation with Congress, is expected to draft legislation approving and implementing the Korea FTA and submit the resulting 'implementing bill' to Congress during the first session of the 112th Congress. This legislation will be entitled to consideration in Congress under expedited ('fast track') legislative procedures if it satisfies the requirements of the Bipartisan Trade Promotion Authority Act of 2002 (Trade Act of 2002). [...] It is difficult to predict with certainty how the 2010 changes and the late date at which they were concluded might affect Congress's decision to consider the Korea FTA implementing bill under the fast track procedures. However, the effect of side agreements on the fast track eligibility of the implementing legislation for the North American Free Trade Agreement (NAFTA) may be instructive. [...] If the Korea FTA implementing bill is deemed ineligible for--or otherwise denied--fast track consideration, the bill, in its entirety, may be considered under the regular procedures of each chamber. Under these procedures, the bill, like other pieces of legislation, might not be brought up for a vote or might be passed with amendments. The Jordan Free Trade Agreement was statutorily implemented under regular procedures."

Report Number:
CRS Report for Congress, R41544
Author:
Publisher:
Date:
2010-12-22
Series:
Copyright:
Public Domain
Retrieved From:
Via E-mail
Format:
pdf
Media Type:
application/pdf
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