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Permalink Reply by Don Southerton on February 4, 2011 at 10:58am

The KORUS FTA now heads into the Senate's Ways and Means Committee. The first step in the process.... I doubt there is much push back.

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Permalink Reply by Martin on February 4, 2011 at 12:18pm

What are the main elements slowing down the agreement to be signed? Car industry? 

Is there any difference between the KORUS FTA anf the one just signed between EU-KOR? 

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Permalink Reply by Don Southerton on February 11, 2011 at 12:30am

This is the latest news on the KORUS FTA. Ron Kirk also testified in front of the U.S. Senate's Ways and Means on Wednesday 2-9-11. 

 

Korea and the United States signed the supplementary agreement to the Korea-US free trade deal on Thursday , on which they concluded negotiations in December last year.

The foreign ministry in Seoul announced that Korean Trade Minister Kim Jong-hoon and his counterpart Ron Kirk exchanged signed agreements, paving the way towards parliamentary ratification in both countries.

The supplementary deal covers a range of issues, including tariffs on cars and pork, automotive safety, environmental standards, safeguard provisions, pharmaceutical regulations and mechanisms for dispute settlement.

The ministry added it will consult with the National Assembly on proceeding with the ratification process.

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Permalink Reply by Hyun Lee on February 16, 2011 at 3:58am

I see that the KORUS FTA has already begun to encourage US firms to take actions. Particularly US firms in the service sector are expecting fast growing business opportunities as a result of the FTA and looking to expand in Korea. Below are several recent news articles I came across:

 

[美 서비스 `한국 상륙` 시동]

FTA 발효 앞두고 美로펌 몰려온다…서울 사무실 물색하기도

2조 규모 국내 법률시장 놓고 英-美계·토종 격돌 예고
컨설팅시장은 외국계 점령…인력파견회사 진출도 활발

 

"한국시장 조사 이미 끝내…연내 법인설립 서두를 것"

인력서비스업체 액트원 제니스 하우로이드 회장

 

로펌·컨설팅 진출 채비

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Permalink Reply by Conor J. Meagher on February 16, 2011 at 6:07am

I hope that it provides some of the members here with new opportunities and growth.

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Permalink Reply by Don Southerton on February 16, 2011 at 6:17am

Thanks for posting.

 

I have received a few calls from service sector firms looking at Korea in the wake of the KORUS FTA. Most still trying to figure out if demand for services will increase. 

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Permalink Reply by Hyun Lee on February 17, 2011 at 6:52am

Conor & Don, I also hope to see more US firms exporting to/investing in the Korean market and vice versa which will result in increasing demand for service sector firms and new opportunities for KBC members! Even starting with my firm, we would be happy to help more Korean firms successfully enter and establish their presence in the US market :)

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Permalink Reply by Hyun Lee on February 17, 2011 at 6:41am

I just came back from a luncheon organized by the Korea Society here in NYC. The topic was "Ratifying the FTA: Beyond Beef and Cars" and the issue on the benefits of the KORUS FTA for the financial service sector was discussed by amazing panelists. Please see below for more information on the panel.

 

Panelists

Evan Alexander, VP of CitigroupGlobal Government Affiars

Jeffrey Hayman, Chief Administrative Officer of Chartis Insurance

Sam Nam, General Counsel JPMorgan Global Corporate Bank in London

 

Moderator

Ambassador Thomas Hubbard, Senior Director of McLarty Associates

 

The moderator, panelists, and Young-mok Kim, Consul General of the Republic of Korea in New York, who attended the luncheon as a guest, all agreed that while the KORUS FTA has strong potential for the business service sectors, the US government has not done a great job in emphasizing this aspect of the agreement and as a result, the benefits these sectors may bring to the overall economy. They said that it is probably because quantifying such benefits is more difficult when it comes to the service sectors but the government should focus more on these sectors.

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Permalink Reply by Don Southerton on February 17, 2011 at 6:52am

I've spoken at TKS  on the Korean auto market.  Yes, they draw a very well informed audience. 

 

They host some outstanding events. I know Ambassador Hubbard well ( He's also Chairman of TKS). I'm sure it was highly informative. Sorry, I could not attend.... but glad you got to Hyun. 

 

The good news is that they podcast all the events. I'll link once they upload the podcast.

 

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Permalink Reply by Hyun Lee on February 17, 2011 at 6:57am

Yes, I am waiting for the podcast to be posted so that I can listen to the discussion again!

 

Don, when you visit New York next time and have a chance to attend one of their events, you should let me know :)

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Permalink Reply by Don Southerton on February 17, 2011 at 7:00am

Podcasts take about 2 weeks... maybe faster since it's so high profile.

 

I'll keep you posted on my  NYC travels.  

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Permalink Reply by Steven S. Bammel on February 16, 2011 at 9:37am

I'd been wondering if there is a Korean version of the KORUS FTA, but he very last page of the English version of the KORUS FTA mentions that both the English and Korean versions of the text have equal validity. Apparently a Korean version exists. I still can't find a copy of the full text in Korean though. If anyone knows where it is, please post the link here. Thanks.

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