ABSTRACT

Proposed South Korea-U.S. Free Trade Agreement (KORUS FTA) [Updated July 18, 2007]   [open pdf - 318KB]

"On June 30, 2007, trade officials representing the United States and South Korea signed the U.S.-South Korean Free Trade Agreement (KORUS FTA). The negotiations leading to the free trade agreement (FTA) covered a wide range of subjects, including a number of sensitive issues-autos, agriculture, trade remedies, among others-that have plagued the U.S.-South Korean trading relationship for decades and these subjects are reflected in the final text of the agreement. Congress will have to approve implementation legislation for the KORUS FTA before it can enter into force. The negotiations were conducted under the trade promotion authority (TPA), also called fast-track trade authority, that the Congress granted the President under the Bipartisan Trade Promotion Act of 2002 (the Act) (P.L. 107-210). The authority allows the President to enter into trade agreements that receive expedited congressional consideration (no amendments and limited debate). The White House has not indicated when it will send the draft implementing legislation to Congress. (The TPA sets no deadline for the President to do this.) However, in a July 2, 2007 statement, House Democratic leaders cited problems with the agreement and indicated they could not support the KORUS FTA 'as currently negotiated.' The United States and South Korea conducted the FTA negotiations with a high degree of political risk for both countries, and that risk will likely carry over as their respective legislatures debate the merits of the FTA."

Report Number:
CRS Report for Congress, RL33435
Author:
Publisher:
Date:
2007-07-18
Series:
Copyright:
Public Domain
Retrieved From:
National Agricultural Law Center http://www.nationalaglawcenter.org/crs/
Format:
pdf
Media Type:
application/pdf
URL:
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