By Lauren Monsen
IIP Staff Writer
On March 6, President Obama signed a proclamation to implement the U.S.-Korea Free Trade Agreement, paving the way for increased trade between the United States and South Korea.
Obama’s proclamation follows congressional approval of the free-trade accord on October 13, 2011. The accord with South Korea, a major security and economic partner, covers a number of Korean goods, including certain motor vehicles as well as fabric, yarn and fiber.
Economic experts say free-trade agreements are designed to reduce the cost of U.S. goods and services exported to foreign markets, while also reducing the cost of foreign goods and services imported into the United States.
The agreement will help South Korea gain greater access to U.S. markets, and American products will be more affordable for Korean households and businesses, according to Obama. Speaking in October 2011, he described the trade pact as “a win for the strong alliance between the United States and South Korea.”
South Korean President Lee Myung-bak, addressing Korean news agencies in December 2011, said: “The accord is significant because it lays the groundwork for a ‘win-win’ relationship by reflecting the national interests of Korea and the United States in a balanced manner.”