By Michelle Kwon
President Obama attends TPP negotiations during the 2012 ASEAN Summit. (Image courtesy of Whitehouse.gov)
According to former Assistant United States Trade Representative for Congressional Affairs Luis Jimenez, the Korea-United States Free Trade Agreement (KORUS FTA) is the most sophisticated Free Trade Agreement signed by either country, not for its unprecedented expansion of market access for both countries, but for its significant advancement of bilateral cooperation in the professional service industries. The most notable of the final text, which successfully came into force on March 15, 2012, delineates cross-border trade in services, specifically in regards to legal entities and telecommunication corporations.
Korea is now looking to sign a bilateral free trade agreement with China: South Korea’s single-largest trading partner. Trade with China (ex-Hong Kong) consists of 21.8% of Korea’s overall trade according to 2012 statistics. Continue reading
Wireless Peninsula 