분야
docx- December 2010
- 2011
2. Reaction of FTA in South Korea
3. Benefits from FTA with US
A. Overall
B. Pursuit of multiple FTAs
- General Situation
- Why FTA is necessity?
4. Why FTA doesn’t influence in financial area?
A. Financial crisis in 1998
B. Restructuring
C. Opening Financial Market
i. Stock Share Market
ii. Participation in management
iii. Introducing the Fluctuating Exchange Rate System
D. Summary
Although the treaty was signed on June 30, 2007, ratification of the agreement stalled when President George W. Bush's fast-track trade authority expired and a Democrat-controlled U.S. Congress expressed objections to the treaty related to concerns over bilateral trade in automobiles and U.S. beef exports. Nearly three years later, on June 26, 2010, President Barack Obama and President Lee Myung-bak expressed renewed commitment to the treaty, stating that they would direct their governments to resolve remaining obstacles to the agreement by November 2010. After discussions at the November 2010 G-20 Seoul summit and further intensive negotiations in early December 2010 in Maryland, Presidents Obama and Lee announced on December 4, 2010, that a deal had been reached; they subsequently signed an updated version of the agreement.
- December 2010
The December 2010 deal represented a compromise between the two sides. Significant concessions were granted to the U.S. on trade in automobiles: tariff reductions for Korean automobiles were delayed for five years, and U.S. autos were granted broader access to the Korean market. At the same time, the negotiators agreed to set aside disagreements over U.S. beef exports for the time being. The deal was supported by Ford Motor Company, as well as the United Auto Workers, both of which had previously opposed the agreement. Remarking on the UAW's support, an Obama administration official was quoted as saying, "It has been a long time since a union supported a trade agreement" and thus the administration hopes for a "big, broad bipartisan vote" in the U.S. Congress in 2011. At the time of its December 2010 announcement, the White House also published a collection of statements from a wide range of elected officials (Democrats and Republicans), business leaders, and advocacy groups
