Agreement Between Korea And The United States Essay

Agreement Between Korea And The United States Essay

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On March 15, 2012, a free trade agreement was officially put in place between South Korea and the United States (“Has”). Even before this agreement existed, Korea and the US had a good trade relationship. Although the trade agreement has not lived up to all of its expectations, it is still a beneficial agreement between the two nations. The South Korea and United States free trade agreement, or KORUS FTA, made many assurances of benefits for both Korea and the United States; however, both countries are only now beginning to see if this trade agreement lives up to all of its promises.
The KORUS FTA was created with the intentions of helping United States in terms of an increase in jobs and economic growth. Economic growth would come in the form of an increased gross domestic product, or GDP. This increase was expected to come from a greater amount of exports to Korea. This would result in companies needing to hire more people in order to keep up with a higher production demand. Obviously, these newly hired people would comprise the expected increase in employment opportunities. Before the agreement was put into place, it was estimated that there would be an increase of 70,000 jobs within the US, and as one can see in figure one, the US GDP was predicted to increase from ten point one to eleven point nine billion dollars. This would be an increase of one point eight million dollars. Although the expected increases in jobs and GDP for Korea could not be found, there were benefits written into the agreement for both the US and Korea. It is expected that both countries would benefit from the agreement because the US has some goods that are exported to Korea more because of the agreements, while Korea has other goods that are imported ...

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...ements have been made with other nations, the people creating the FTA will look at the KORUS agreement in order to pull some aspects from it that have worked well. (“Has”) The fact that other nations are looking at this agreement gives evidence that it has been successful at completing its goals.
The free trade agreement between South Korea and the United States has opened many doors of opportunity in terms of growth for both nations. Not all of the expected outcome have occurred, but because the agreement is still relatively new, it is likely that more of its goals will be accomplished at a later point in time. The positives that have already occurred because of the agreement have shown noticeable economic profits. The KORUS FTA is not perfect and both countries have faced loses because of it, but overall it has been successful in accomplishing what it was meant to.

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