Is Korean trade key to growth in N.J. and U.S. (Mark Grier, The Times (Trenton), Dec 16, 2007) That's possibly a little strong.
The author is in the financial services industry. The points he makes are rather general; despite its title, this isn't a detailed analysis of the benefits to New Jersey.
But here are his comments on financial services:
My business, the financial services industry, will be another major beneficiary. The financial services provisions of the agreement, along with recent legislation and proposed regulations to simplify and clarify the regulatory environment, provide a new level of access to Korea's financial market for U.S. companies. Perhaps the most critical commitment made by Korea in this regard is the determined effort to bring transparency and efficiencies to its financial markets.
At the same time, the agreement will create new efficiencies for existing players, including Prudential Financial. The agreement will allow U.S. firms to share financial reporting data across borders, permitting the establishment of regional processing centers or the management of these functions in the U.S. These steps will result in millions of dollars in savings and increased competitiveness of the companies doing business in Korea.
Importantly, Korea has also committed to a level playing field between U.S. financial services companies and Korea's national post office, Korea Post, which in addition to offering postal services, offers financial products to its customers. This is significant, since some countries in Asia provide regulatory and market advantages for their national postal services companies. By holding Korea Post to the same standards as domestic and foreign financial services companies, the Free Trade Agreement will ensure companies like ours will not be at a competitive disadvantage.
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