The US-Korea Free Trade Agreement will simply promote US arms sales
Kim Hyun Chong, South Korean Trade Minister, recently signed a Free Trade Agreement (FTA) with Karan Bhatia, Deputy US Trade Representative, ostensibly paving the way for a ‘fast track’ elimination of the tariff regime on many industrial products, excluding rice, beef and trucks. With the two way trade between the two nations standing at$77 billion in 2006, the FTA ostensibly is being promoted as an opportunity to pull out the Korean economy from a prolonged period of recession. Interestingly, labour unions and nationalists have denounced the ‘back door deal’ as a betrayal to people and democracy, because such a deal is likely to enhance inequities and lower wages in the economy.
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Kim Hyun Chong, South Korean Trade Minister, recently signed a Free Trade Agreement (FTA) with Karan Bhatia, Deputy US Trade Representative, ostensibly paving the way for a ‘fast track’ elimination of the tariff regime on many industrial products, excluding rice, beef and trucks. With the two way trade between the two nations standing at$77 billion in 2006, the FTA ostensibly is being promoted as an opportunity to pull out the Korean economy from a prolonged period of recession. Interestingly, labour unions and nationalists have denounced the ‘back door deal’ as a betrayal to people and democracy, because such a deal is likely to enhance inequities and lower wages in the economy.
For Complete IIPM Article, Click on IIPM Article
Source : IIPM Editorial, 2007
An IIPM and Professor Arindam Chaudhuri (Renowned Management Guru and Economist) Initiative
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