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U.S, South Korea Trade Talks Kick Off Amidst Protests

by Agamveer Singh - October 23, 2006 - 0 comments

U.S. and South Korea have restarted talks in round four to forge a free-trade agreement after previous three rounds aimed at lower tariffs and open markets between the countries made relatively little headway. Both countries have set a goal of reaching a basic agreement by the end of this year to submit to their respective legislatures.

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[quote=Agamveer Singh]<div class="flexinode-body flexinode-1"><div class="flexinode-textarea-1"><div class="form-item">
 <p>U.S. and South Korea have restarted talks in round four to forge a free-trade agreement after previous three rounds aimed at lower tariffs and open markets between the countries made relatively little headway. Both countries have set a goal of reaching a basic agreement by the end of this year to submit to their respective legislatures.</p>
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 <img alt="U.S, South Korea Trade Talks Kick Off Amidst Protests" src="http://www.themoneytimes.com/filess/pic1trade_sm.jpg" /><br /><a href="http://www.themoneytimes.com/filess/pic1trade.jpg">Get original file (7KB)</a>
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 <p>Washington wants more access for U.S. pharmaceuticals, automobiles and farm products while Seoul wants South Korean products manufactured in North Korea to be included in the agreement. Moreover, Seoul wants Washington to shed its unwillingness to open its textile market and restrict its anti-dumping law, which penalizes electronics and other high-tech imports.</p>
<p>South Korean rice and beef farmers have fervently opposed a deal between the two nations stating that cheaper U.S. products would endanger their livelihoods. These defiant farmers vow to stage daily protests against any market-opening measures that jeopardize their jobs.</p>
<p>Seo Jeong-Hee, head of the Korea Advanced Farmers Federation said, “We are ready to risk our lives to stop the free trade deal which will destroy our agricultural industry.” The Korean Peasants League echoed the above sentiment and said, “Signing a free trade agreement with the US, the world’s agricultural powerhouse, is ... the death penalty for Korean farmers.” </p>
<p>The five-day talks are being held at South Korea's southern resort island of Jeju where an estimated 7,000 protesters wearing red headbands reading “Stop FTA” have taken to streets. Security has been beefed up in Jeju to prevent any untoward incident.</p>
<p>Earlier this year the free-trade talks kicked off in Washington in June amid much fanfare, with the two governments publicizing it as a "win-win" deal which would open markets and boost economic growth. </p>
<p>Thereafter a second round in Seoul in July and third round in Seattle last month broke off early amid bickering over U.S. access to South Korea's pharmaceutical market. </p>
<p>Should this accord come through, it would be the largest accord for the United States since the North American Free Trade Agreement in 1993.</p>
<p>The deal is stated to be very important especially after North Korea’s October 9 nuclear test. The deal would lessen the economic impact of those tests and would demonstrate the strength of the US-South Korean alliance.</p>
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