Free Trade Negotiations at Crossroads: An Attempted Legal Framework for Economic Integration between the United States and the Republic of Korea?

Abstract

The paper provides a detailed analysis of the current U.S. - Korea free trade agreement (FTA) negotiations. The currently negotiated U.S. - Korean FTA may offer a legal framework for economic integration between the United States and Korea in the sense that the FTA attempts to bring Korea's legal standards and business practices in line with those of the United States. The comprehensive FTAs that the United States has promoted over the years go beyond removal of tariff and non-tariff barriers but affect an array of domestic public policies as discussed in the paper. Significant disparity in gains expected from the U.S. - Korea FTA is another concern for Korea. Either success or failure of the U.S. - Korea FTA negotiations is expected to have a significant impact on future trade relations in Asia. Its failure may lead to a pan-Asian free trade area among Korea, China, and South East Asia, without participation of the United States and its success may create a biggest free trade area in the world, including the United States, Korea, and Japan.