Free Trade Agreement goes ahead
President Lee Myung-bak signed off a package of 14 bills yesterday which will see the implementation of a new Free Trade Agreement (FTA) with the United States.
The FTA was passed by the US Congress last month and was pushed through the South Korean National Assembly last week. The deal is expected to boost trade between the two countries, currently around $90 billion by about 10% within the next five years. Some analysts are saying that it will boost jobs by as much as 350,000.
The bills passed are largely revisions to existing bills to make them compatible with the FTA. They include revisions to copyright, patent, customs, local taxes, monopoly and fair trade regulations.