Korea-US Agree on FTA

With the threat of the cancellation of free trade talks hovering over the negotiators, each side was finally able to agree on an FTA that some are calling an FTA-lite.  Even as an FTA-lite, it is still the world’s largest bi-lateral Free Trade Agreement.  The Korea Times has a pretty good graphical run down of the FTA:

Notice in the agricultural sector the rice market was not opened so Korean consumers will continue to pay some of the world’s highest prices for rice.  The beef sector is supposed to be gradually opened over 15 years, but I wouldn’t be surprised if the Korean government keeps playing the mad cow disease game with US beef.  American fruits and vegetables are going to be allowed into Korea which should reduce prices for Korean consumers a bit on those products.  The Korean automobile and textile industries are going to greatly benefit this agreement.  The Korean steel sector is also going to greatly benefit. 

All in all to the casual observer like myself it appears the Koreans are getting more out of this agreement than the US with their manufacturing sectors receiving a big boost while Korean consumers will find lower prices in their supermarkets with US products.  However, I expect the usual suspects to claim that Korea is being economically colonized by the US and all the other usual nonsense that comes from the anti-US lobby in Korea.  .