KORUS Update

February 2, 2011

Obama administration officials have recently indicated that President Obama plans to make passing the Korea FTA a top legislative priority. According to U.S. Trade Representative Ron Kirk, the administration is seeking to pass the Korea FTA by July 1, when a similar trade agreement between Korea and the European Union is supposed to go into effect. Kirk also addressed the issue of potentially moving the Colombia and Panama FTAs with the Korea FTA. While the administration is aiming for passage of the U.S.-Korea FTA in the first half of this year, Kirk said that votes on the Columbia and Panama FTAs will happen later. On January 28, 2011 Secretary of State Clinton stated that, although negotiations are still taking place, the Obama Administration will send the Columbia FTA to Congress in 2011.

 

The U.S. and South Korea have finalized the legal text for the December 3, 2010 accompanying agreement to the U.S. Korea FTA. Assistant U.S. Trade Representative Wendy Cutler and Korean Deputy Trade Minister Choi Seok-young met to accomplish this task January 20-21, 2011, while in Los Angeles to attend the U.S.-Korea Business Council meeting.

The U.S. Korea FTA has a substantial degree of bipartisan support as well as support from the United Auto Workers and the United Food and Commercial Workers, although other U.S. labor unions are opposing it.