• Home
  • Politics
  • Health
  • World
  • Business
  • Finance
  • Tech
  • More
    • Sports
    • Entertainment
    • Lifestyle
What's Hot

Short and Funny Sayings for a Happy Summer with Friends

May 9, 2025

Trump Announces First Post-Tariff Trade Deal

May 8, 2025

100 Funny Father’s Day Quotes for Hilariously Relatable Humor (and Plenty of Love Too)

May 8, 2025
Facebook Twitter Instagram
  • Contact
  • Privacy Policy
  • Terms & Conditions
Friday, May 9
Patriot Now NewsPatriot Now News
  • Home
  • Politics

    Security video shows brazen sexual assault of California woman by homeless man

    October 24, 2023

    Woman makes disturbing discovery after her boyfriend chases away home intruder who stabbed him

    October 24, 2023

    Poll finds Americans overwhelmingly support Israel’s war on Hamas, but younger Americans defend Hamas

    October 24, 2023

    Off-duty pilot charged with 83 counts of attempted murder after allegedly trying to shut off engines midflight on Alaska Airlines

    October 23, 2023

    Leaked audio of Shelia Jackson Lee abusively cursing staffer

    October 22, 2023
  • Health

    Disparities In Cataract Care Are A Sorry Sight

    October 16, 2023

    Vaccine Stocks—Including Pfizer, Moderna, BioNTech And Novavax—Slide Amid Plummeting Demand

    October 16, 2023

    Long-term steroid use should be a last resort

    October 16, 2023

    Rite Aid Files For Bankruptcy With More ‘Underperforming Stores’ To Close

    October 16, 2023

    Who’s Still Dying From Complications Related To Covid-19?

    October 16, 2023
  • World

    New York Democrat Dan Goldman Accuses ‘Conservatives in the South’ of Holding Rallies with ‘Swastikas’

    October 13, 2023

    IDF Ret. Major General Describes Rushing to Save Son, Granddaughter During Hamas Invasion

    October 13, 2023

    Black Lives Matter Group Deletes Tweet Showing Support for Hamas 

    October 13, 2023

    AOC Denounces NYC Rally Cheering Hamas Terrorism: ‘Unacceptable’

    October 13, 2023

    L.A. Prosecutors Call Out Soros-Backed Gascón for Silence on Israel

    October 13, 2023
  • Business

    Trump Announces First Post-Tariff Trade Deal

    May 8, 2025

    Electric Vehicle Sales Nosedive As GOP Takes Buzzsaw To Biden’s Mandate

    May 7, 2025

    Tyson Foods Announces It Will Bend The Knee To Trump Admin’s New Rules

    May 7, 2025

    Federal Reserve Holds Interest Rates Steady Despite Pressure From Trump

    May 7, 2025

    ‘Wait Them Out’: John Kennedy Tells Larry Kudlow One Lie He Suspects China’s Telling US

    May 7, 2025
  • Finance

    Ending China’s De Minimis Exception Brings 3 Benefits for Americans

    April 17, 2025

    The Trump Tariff Shock Should Push Indonesia to Reform Its Economy

    April 17, 2025

    Tariff Talks an Opportunity to Reinvigorate the Japan-US Alliance

    April 17, 2025

    How China’s Companies Are Responding to the US Trade War

    April 16, 2025

    The US Flip-flop Over H20 Chip Restrictions 

    April 16, 2025
  • Tech

    Cruz Confronts Zuckerberg on Pointless Warning for Child Porn Searches

    February 2, 2024

    FTX Abandons Plans to Relaunch Crypto Exchange, Commits to Full Repayment of Customers and Creditors

    February 2, 2024

    Elon Musk Proposes Tesla Reincorporates in Texas After Delaware Judge Voids Pay Package

    February 2, 2024

    Tesla’s Elon Musk Tops Disney’s Bob Iger as Most Overrated Chief Executive

    February 2, 2024

    Mark Zuckerberg’s Wealth Grew $84 Billion in 2023 as Pedophiles Target Children on Facebook, Instagram

    February 2, 2024
  • More
    • Sports
    • Entertainment
    • Lifestyle
Patriot Now NewsPatriot Now News
Home»Finance»Strengthening the Economic Pillar of the South Korea-US Alliance
Finance

Strengthening the Economic Pillar of the South Korea-US Alliance

April 25, 2023No Comments4 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Strengthening the Economic Pillar of the South Korea-US Alliance
Share
Facebook Twitter LinkedIn Pinterest Email
Advertisement

As South Korean President Yoon Suk-yeol arrives for his state visit to the United States, it’s remarkable to reflect on how strong and multi-faceted the South Korea-U.S. bilateral alliance has become. Over the past 70 years, Washington and Seoul have effectively worked through difficult issues, while setting up mechanisms to address future challenges. The economic pillar of the alliance is a case in point.

Until 2007, the alliance primarily centered on security, political, and people-to-people ties, while economic matters, particularly trade, were largely contentious. The South Korean market remained largely closed to foreign competitors as Seoul imposed high tariffs, implemented Korea-unique standards, and nurtured national champions in key sectors like autos and semiconductors. Consequently, South Korea-U.S. trade negotiations were often marked by acrimony and rarely resulted in lasting success.

The tide began to shift when South Korea signed its first Free Trade Agreement (FTA) with Chile in 2003, followed by an ambitious vision for additional FTAs. By 2006, the United States topped South Korea’s FTA negotiation list, with both countries, for their own reasons, ready to engage in comprehensive trade talks.

Surrounded by powerful economic neighbors, Seoul recognized that to stay competitive, it needed to reform and liberalize, including its protected agriculture market. After successfully concluding a series of FTAs, the United States sought additional agreements in Asia. South Korea’s eagerness to engage and reform made it an attractive partner.

While the FTA held the potential to break important new ground in the South Korea-U.S. alliance, it also carried significant risks. It was uncertain whether Seoul had the political muscle to pull a deal off, particularly when it came to taking on its agricultural sector. Moreover, given the comprehensive scope of FTAs, it was not a given that South Korea could make the extensive legislative and regulatory adjustments to comply with the agreement’s intellectual property, technical standards, transparency, and labor commitments.

See also  'Chinese storm' looming over Europe's EV sector, Renault chairman warns

Enjoying this article? Click here to subscribe for full access. Just $5 a month.

On the U.S. side, opposition from labor and the auto industry cast doubt on whether the Korea-U.S. Free Trade Agreement (KORUS) could secure Congressional approval.

The risks of failure were high, but failure was not an option. A collapsed agreement would have been a massive setback to the alliance, as economic frictions would undoubtedly spill over to other areas, with both countries potentially playing the blame game. This pressure drove negotiators to find common ground on seemingly intractable differences, with certain matters elevated to the leaders of both countries for resolution.

Despite reaching an agreement in April 2007, KORUS was still not out of the woods. It underwent a tough renegotiation during 2010-2011, securing congressional approval in March 2012. Later, it faced another serious challenge when U.S. President Donald Trump threatened to withdraw from the agreement.

Advertisement

When it comes to the economic leg of the alliance, KORUS is just the beginning of the story. Its 10th anniversary last year was marked by robust growth in trade and investment flows, highlighting the economic and commercial benefits provided by the agreement. Since KORUS took effect, total trade between the two countries has increased by over 60 percent and Korean foreign direct investment in the United States has more than tripled.

Importantly, KORUS established a foundation for bilateral cooperation on economic security matters, including supply chain resiliency, cooperation on advanced technologies, and export controls – all topics which are expected to be a key of the Biden-Yoon summit.

See also  Stocks, Treasury yields retreat amid mixed earnings, economic data

First, KORUS helped to foster closer relationships between American and Korean companies, including greater supply chain connectivity. The surge of Korean investment in the United States, particularly in the auto, semiconductor, and battery industries, can trace its roots to KORUS.

Second, KORUS established numerous government committees overseeing implementation and developments in specific issue areas, including a Joint Committee at the ministerial level. These regular meetings offer a platform for discussing and coordinating on emerging issues, such as clean technologies, technical standards for advanced technologies, non-market economy practices, and supply chain connectivity.

Lastly, KORUS has produced a cadre of American and Korean government officials who now view South Korea-U.S. economic relations with the art of the possible, paving the way for expanded cooperation and fresh thinking.

For alliances to remain durable and relevant, they need to be refreshed, expanded, and reshaped to tackle new challenges. With KORUS providing the economic foundation of their alliance, the United States and Korea have a strong basis for leading and cooperating on economic security matters. Presidents Biden and Yoon have an important opportunity to step up collaboration on these consequential matters for the months and years ahead.

Alliance Economic KoreaUS Pillar South Strengthening
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Trump’s Tariffs Trigger Turmoil In China As Country’s Economic Tailspin Intensifies Per New Data

May 6, 2025

Ending China’s De Minimis Exception Brings 3 Benefits for Americans

April 17, 2025

The Trump Tariff Shock Should Push Indonesia to Reform Its Economy

April 17, 2025

Tariff Talks an Opportunity to Reinvigorate the Japan-US Alliance

April 17, 2025
Add A Comment

Leave A Reply Cancel Reply

Top Posts

Short, Funny and Simply the Best Sayings

April 17, 2025

6 Tips To Talk To Your Loved Ones About Going To Rehab

March 22, 2023

Michigan Teen Who Died 3 Days After Covid Vaccination Actually Killed By Bacterial Infection, CDC Reportedly Finds

August 25, 2023

Ukraine Children Return After Alleged Deportation

April 9, 2023
Don't Miss

Short and Funny Sayings for a Happy Summer with Friends

Lifestyle May 9, 2025

I love the beach. Just looking at the calming sea to relax. Having fun in…

Trump Announces First Post-Tariff Trade Deal

May 8, 2025

100 Funny Father’s Day Quotes for Hilariously Relatable Humor (and Plenty of Love Too)

May 8, 2025

Top 10 Benefits Of Acupuncture

May 8, 2025
About
About

This is your World, Tech, Health, Entertainment and Sports website. We provide the latest breaking news straight from the News industry.

We're social. Connect with us:

Facebook Twitter Instagram Pinterest
Categories
  • Business (4,110)
  • Entertainment (4,220)
  • Finance (3,202)
  • Health (1,938)
  • Lifestyle (1,627)
  • Politics (3,084)
  • Sports (4,036)
  • Tech (2,006)
  • Uncategorized (4)
  • World (3,944)
Our Picks

Matt Fitzpatrick and brother Alex to team up for the 2023 Zurich Classic

March 28, 2023

Why Charles Schwab became a financial ‘supermarket’

June 17, 2023

Wall St Week Ahead Investors zero in on health of consumer with retail sales, earnings

October 15, 2023
Popular Posts

Short and Funny Sayings for a Happy Summer with Friends

May 9, 2025

Trump Announces First Post-Tariff Trade Deal

May 8, 2025

100 Funny Father’s Day Quotes for Hilariously Relatable Humor (and Plenty of Love Too)

May 8, 2025
© 2025 Patriotnownews.com - All rights reserved.
  • Contact
  • Privacy Policy
  • Terms & Conditions

Type above and press Enter to search. Press Esc to cancel.