By It is incredible how long it took to get the US-ROK FTA completed but I think in the long run it is going to be worth the wait due to the economic benefits for both countries:
The U.S. Congress cleared free-trade agreements with South Korea,Colombia and Panama, bringing an end to years of stalemate and offering what supporters said was the biggest opportunity for exporters in decades.
The bills go to President Barack Obama, who spent two years seeking to broaden Democratic support for pacts revised from initial agreements reached by his predecessor. The South Korea deal, the biggest for the U.S. since the North American Free Trade Agreement in 1994, removes duties on almost two-thirds of American farm exports, and phases out tariffs on more than 95 percent of industrial and consumer exports within five years.
Yesterday’s step may diminish concern that the U.S. will turn to protectionism amid unemployment that exceeds 9 percent and an Oct. 11 Senate vote designed to punish China for an undervalued yuan. The approval may also give impetus to Obama’s trans-Pacific trade initiative, which Japan, the world’s third- largest economy, is considering joining. [Bloomberg]
I watched President Lee Myung-bak gives his address to Congress yesterday which I watched on CSPAN. Here is the full text of his speech for those interested. I appreciated the fact that he thanked all the US servicemembers serving in Korea right now which drew a very large applause.
Also of interest is that Lee Myung-bak is traveling with President Obama to Michigan to tour a GM plant today.
She hasn’t seen...
3:33 pm on October 14th, 2011 1
It seems President Lee’s visit also served to unstick another gear in our dis-functional Congress. Sen. Jon Kyl lifted his hold on the nomination of Sung Kim to be the next US ambassador to South Korea.
7:58 pm on October 14th, 2011 2
America has really failed when a Pres. Lee, Myung-bak goes to America and…
[In a rare political spectacle of a visiting head of state on a field trip outside Washington with the U.S. president, both sounding boosterish about American industry, Lee said the trade pact "will create more jobs for you and your family. And it is going to protect your jobs."]
Duece bag!
Pres. Lee must’ve felt at home in Detroit but, F*** anyone else in any industry other than that of the automobile(Batteries)? How long will those Korean batteries(made in Michigan) sit on the shelf(black market) before sold?
AFL/CIO disagrees with the S.Korea FTA…
http://blog.aflcio.org/2010/06/29/afl-cio-strongly-opposes-korea-u-s-trade-agreement/
8:35 pm on October 14th, 2011 3
How long will LG give jobs to Americans in Michigan?
How long will KIA give jobs to Americans in Georgia?
How long will Hyundai give jobs to Americans in Alabama?
How long will Samsung give jobs to Americans in Texas?
How long will Hynix give jobs to Americans in Oregon?
How long will Korean companies give jobs to Americans, when there’s only one American company (GM) giving jobs to Koreans in Korea?
The American complaints that American jobs are being shipped off to Korea is laughable because it’s not even true, it’s a lie. Yeah right. It’s the actually the other way around.
No FTA with USA!
7:20 pm on October 18th, 2011 4
Wow that was a pretty good speech. No matter your political leaning, you gotta hand it to him (or his speech writer), it was good.