Korea-U.S. FTA

Will the Lee Administration Be More Flexible on Beef?

Kim Yon-se and Kang Hyun-kyung, staff reporters for the Korea Times, speculate that President Lee will be more flexible on beef than than his predecessor (New President to Visit 4 Nations, Dec 30, 2007):

In addition, Lee will likely put pressure on the Ministry of Agriculture and Forestry to ``fully'' reopen the beef market ― or to import bone-containing U.S. beef ― in a bid to see ratification of a bilateral free trade agreement (FTA) by the U.S. Congress.

Roh and Lee to Cooperate on FTA Ratification

Outgoing Korean President Roh, and incoming President Lee had lunch today and - among other things - agreed to cooperate to get the National Assembly to ratify the trade agreement before the end of Roh's term on February 25: Roh, Lee agree to cooperate for ratification of Korea-U.S. FTA (Korea.net, Dec 29).

Lee's party favors the agreement, while Roh's is divided: Korean National Assembly FTA Politics (Korea-U.S. FTA, Dec 25).

Korean National Assembly FTA Politics

Kim Yon-se looks at FTA prospects in the Korean National Assembly Lawmakers to Clash Over US FTA, Troops in Iraq (The Korea Times, December 25). 

Trade Remedies

Trade remedies are special measures the parties to the agreement can take to mitigate sectoral adjustment problems created as tariffs and barriers drop, or to deal with accusations that foreigners are selling products at prices lower than they charge at home (dumping), and/or subsidizing their exports.

The Koreans had really hoped to negotiate special treatment under U.S. antidumping and anti-subsidy (countervailing) duty procedures.  Cooper and Manyin described Korean concerns in a Congressional Research Service Report last July (The Proposed South Korea-U.S. Free Trade Agreement (KORUS FTA):

Has the Korean Wave Peaked?

Korean pop culture exports have been enormously popular across Asia over the last 10 years (this is the "Korean Wave"), but recent statistics suggest a downturn. 

A Korea Society panel looked at this downturn in August: Is the Korean Wave Dead?   Here's the summary of the discussion from the Society's website:

Kim Jong-Hoon Profile

Korea.net profiles chief negotiator, and now Trade Minister, Kim Joon-Hoon: Kim Jong-hoon, steering path for Korea-U.S. FTA:

Kim entered officialdom as a career diplomat after passing the related civil examination in 1974. Starting from 1994, he served as a councilor at the Korean Embassy in Washington and at the Consul General in San Francisco in 2002. During his days in the states, he took part in various negotiations over the export of foreign cigars, deciding on the expiration date for American frozen meat and so forth. This is where he honed his skill as a top negotiator, building his reputation on his ability to tackle politically and diplomatically sensitive issues. Well informed on U.S. affairs, he also boasts extensive connections there.

Meanwhile Kim is also known as a mania for extreme sports. He picked up paragliding at age fifty. Other sports he has proven to be quite adept at include kite boarding, snowboarding, motorcycle racing and cliff hanging. “The farther you fly, the farther you can see,” he said.

Corrected spelling in title, Dec 24.

Deanna Okun - Nominated Deputy USTR

The Bush Administration has nominated Deanna Okun to take the place of retiring Deputy USTR Karan Bhatia (White House Personnel Announcement, Dec 18).  Okun now becomes a key player in the Administration's efforts to get Congress to ratify the trade agreement.

There are three deputy USTRs. Congressional approval of the appointment is required. Bhatia's USTR biography says that his responsibilities included:

As Deputy USTR, Ambassador Bhatia is a key member of U.S. Trade Representative Schwab's senior management team.  His portfolio includes overseeing U.S. trade relations with East Asia (including China and Japan), South Asia (including India), Southeast Asia, and Africa.  His responsibilities also include supervising USTR’s functional offices handling trade capacity building, environmental, labor, and pharmaceutical issues, and serving as USTR’s designee on the boards of the Overseas Private Investment Corporation and the Millennium Challenge Corporation.

What's in it for Alaska?

Assistant Secretary of State for Economic, Energy and Business Affairs Daniel Sullivan, made the pitch in the Juneau Empire this week (My Turn: From a 'sucked orange' to ripe for the picking , December 21, 2007):

Where are U.S.-Korea relations going?

The Korea Society is a key player in two ongoing studies on U.S.-Korea relations, Yonhap News reports (S. Korea, U.S. specialists launch study on bilateral ties, Dec 22, 2007). 

Will the FTA Undercut Korean Anti-smoking Efforts?

Korea has had a serious smoking problem for a long time. 

The advocacy Center for Policy Analysis on Trade and Health (CPATH) is concerned that the reduction in tariffs will reduce the domestic price and increase consumption, and that investor-protection measures in the agreement will hobble Korean efforts to reduce smoking: Korean Trade Agreement: Threat To Public Health (May 30, 2007).