▲ Trump, the United States president.

 FTA (Free Trade Agreement) is an agreement to liberalize the use of goods or services to promote mutual trade among certain countries. It is a privileged trade agreement between the two countries or regions to promote trade liberalization by easing or abolishing trade barriers between countries to countries. FTA is becoming an issue in the international community, including South Korea and the United States.

There have been a lot of accomplishments for five years related to Korea-U.S. FTA. First, the South Korea-U.S. trade has increased while the global trade is slump. Second, the U.S. achieved a huge profit in Services Balance. Also, South Korea benefited greatly from trade deals. Economic cooperation should be further strengthened based on these mutual benefits. This has been the main achievement of the Korea-U.S. FTA for five years.

So, what about the content of the Korea-U.S. Free Trade Agreement? The Korea-U.S. FTA is a comprehensive trade agreement encompassing various fields of trade. There are goods, trade relief, investment, service, competition, intellectual property rights, government procurement, labor and environment. Both sides pledged to expand the export base of industrial goods through a high level of incentives to down most of the tariffs within five years. In addition, the agricultural and fisheries products were reflected in the exceptional handling of the tariff waiver period, including the exception of a tariff waiver period of 15 years and the introduction of a safeguard. In addition, it increased the competitiveness of selective sectors to enhance competitiveness. There are many more contents besides the above ones.

▲ Revised Procedures for the Korea-U.S. FTA

Trump, the president of the United States, right now claims the renegotiation FTA. Before the renegotiation, the result of the renegotiation should be conducted seriously considering the impact of the renegotiation. It needs careful research in advance because it can lead to a huge difference in national losses and benefits. Hopefully, a good deal will lead to a win-win situation for both countries.