...302 Danmeng Yin U.S. Korea Trade Agreement and Arizona The U.S.-Korea Trade Agreement is an integral part of the President’s efforts to increase opportunities for U.S. business, farmers and workers through improved access for their products and services in foreign markets. The KORUS Agreement supports the President’s National Export Initiative goal of doubling of U.S. exports in five years. It would also promote the further integration of the U.S. and Korean economies and enhance the competitiveness of U.S. business in the world’s 12th largest economy. For agricultural products, the KORUS Agreement would immediately eliminate or phase out tariffs and quotas on a broad range of products, with almost two-thirds of Korea’s agriculture imports from the United States becoming duty free upon entry into force. Effective March 15, 2012 entry into force of the U.S.-Korea Free Trade Agreement (KORUS) marks a historic milestone in the economic integration of the United States and Korea. Companies with U.S.-Korea business interests should carefully plan to take full advantage of the many opportunities KORUS presents. Effective March 15, 2012, with justifiable fanfare, the United States and South Korea bring into force the U.S.-Korea Free Trade Agreement (KORUS), marking an important and historic milestone in the economic integration of these two major trading partners. With two-way trade already valued at more than US$85 billion annually...
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...United States and South Korea trade agreement In nation trade each trading partner has something to gain, such as access to more goods , services and lower prices. The United States and South Korea established the world’s largest bilateral trade agreement. The proposed deal reduced tariffs on about 90 percent of product categories prior to the agreement. Trade deals require all parties to make concessions, which united state and South Korea did. Asian nation was the third-largest market for U. S. beef exports. But American beef exports plunged after an outbreak of mad-cow disease in 2003 which scared the Asian nations. In the spring of 2008, a few weeks after taking office, President Lee Myung-bak decided to lift a ban on U.S. beef in return to the United States agreed to exclude South Korea’s rice industry from the trade agreement. Rice represents about half of South Korea’s agricultural output a high import tariff means that local rice farmers can charge For U.S. President George W. Bush, the trade pact with South Korea was an important political victory. Suspicion and doubt about trade and globalization was growing among congressional democrats. Proposed trade pacts with Colombia and Panama had been given a cool reception. Although the accord with South Korea was concluded in April 2007, it still had to be ratified by lawmakers in both countries. In 2009, a South Korean parliamentary committee approved the (free trade area) FTA; however...
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...prohibited for importation. Because of this situation, there were three attempts to eliminate tariffs and all restrictions. By 1974, changes started taking place. Trade liberalization allowed Chile to develop where they had a comparative advantage and reduced the production of goods and services where there was no comparative advantage. Chile growth performance has dramatically changed over the last years and the elimination of trade barriers has played an important role. Chile has become one of South America’s most prosperous nations and its economy has grown an average of 5% in the last 4 years. Chile is dependent on foreign trade and its trade in good’s share in GDP rose from 44% in 1990 to 69.6% in 2008.The diversity of imports has increased and the number of countries where Chile exports their products has increased as well. Chile main imports are: crude, petroleum, chemicals, electronics and telecom equipment, natural gas, industrial machinery, vehicles, mobile phones and house equipment. In 2008 a 0% MFN was established for imports such as machinery, vehicles, tools and equipment used for production of goods and services. Moreover, there are not import duties imposed on data processing equipment. Major import partners are USA, China, Brazil, Argentina, South Korea and Japan. Others include Mexico, Colombia and Ecuador. In order to allow new...
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...Americans Sour on Trade (WSJ.com) By SARA MURRAY and DOUGLAS BELKIN This article begins by mentioning how there is a hostile view from the American public towards globalization. From the average America’s point of view, free trade and globalization has done nothing but hurt our economy and take jobs away from the US and bring them overseas. The latest poll shows that a slight majority of Americans see free trade agreements as s tool that has hurt the US more than it has helped. One of the most dramatic results of the survey comes from data that shows that even well educated people that tend to beneficiate from free trade and whose jobs are less likely to ever go overseas also feel that free trade agreements are hurting the US. When compared to 10 years ago when this survey was first done there has been a wide increase in the educated people that have changed their mind about free trade. This gap doubled from 24% to 50%. Politicians have now taken the issue into their own hands. Last week the senate passed a bill that would pressure China to float its currency in an effort to level the amount of imports that enter the country. While this may be a temporary issue that politicians use for their advantage in the next elections it is still an issue that more and more Americans are paying attention to as the unemployment rate still lingers near 10%. The article also mentions how China is beginning to replace Wall Street as the new “America’s villain.” Some think this happened...
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...North C arolin a Polic y Wa t c h Cru cial Co nv ersa tion The Trans-Pa cific Partnership: Worse than NAFTA? Septemb er 2013 Lori Walla ch Public Citizen’s Global Trade Watch Outcomes of 20 Ye ars of NAFTA, WTO, FTAs… Crushing of Americ an Middle Class: more than 5 million US manufa cturing jobs (1 out of 4) & 60,000 US manufa cturing fa cilities gone. Millions of service sector jobs offshored: c all centers, computer, programming, engineering, a cc ounting. Wage “arbitrage” in a ra ce- to-the- bottom. U.S. re al median wages at ‘70s levels. Income inequality at Robb er-Baron-era levels. When manufa cturing, good jobs go tax bases shrink – and schools, public services, infrastructure cut, and construction sector unemployment soars. Floods of unsafe imported food, products. Financial deregulation, instability and repe ated financial crises. He alth, labor, land use, other public interest laws around world atta cked in foreign tribunals. Some dump ed. Initiatives chilled. Billions extra cted from taxpayers and paid to corporations for violations of new “rights.” Drug prices up. In poor nations, de adly cut in a cce ss to meds. Rich nation higher prices slam poor consumers, govt budg ets as Big PhRMA profits soar. U.S. loses 170,000 family farms. In ‘12, volume of U.S. food exports only 1% higher than ’95 (when NAFTA-WTO started). Imports of food now 97% above ‘95 level. Livelihoods of tens of millions of pe asant farmers destroyed, mass migrations...
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...Colombia and the largest gas and oil company is South America: TABLE OF CONTENTS 1. COLOMBIA ………………………………………………………….………………………3 HISTORY……………………………………………………..…………………………..3 POLITICS…………………………………………………..……………………………..3 FOREIGN RELATIONS…………………………………………………….……………5 FOREIGN RELATIONS WITH THE U.S………………………………………..………6 FOREIGN POLICY DECISION MAKING………………………………………………7 DEMOGRAPHICS……………………………………………………………..…………8 RELIGION…………………………………………………….…………………………..9 HEALTH………………………………………..………………………………………..10 INFRASTRUCTURE……………………………………………………………………10 ECONOMY……………………………………….………………………….……… …11 2. ECOPETROL S.A. COMPANY OVERVIEW…………………………….…………… …12 BACKGROUND………………………………………………………………… ……..12 ORGANIZATIONAL STRUCTURE……………………………………..…… ………12 MERGERS AND AQUITITIONS………………………………………………………14 COMPETITORS……………………………………………………….……… ………..14 FINANCIAL ANALYSIS…………………………………………………….. ………..15 RIVALRY COMPARISON…………………………………………………… ……….16 FUTURE GOALS…………………………………………………………..… ………..17 3. CAPITAL MARKET OVERVIEW…………………………………………………………18 INFLATION …………………………………………..………………….……………..18 CURRENT RISK……………………………………………………….………………..18 FINANCIAL CRISIS……………………………………………………..……………..19 INVESTMENT RECOMMENDATION………………………………..………………19 4. CONCLUSION…………………………………………………….…….…………………..20 5. BIBLIOGRAPHY…………………………………………..………………………………..21 COLOMBIA HISTORY During the pre-Colombian period, the area now known as Colombia was inhabited by indigenous...
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... Delnaz Kasturwala By INTRODUCTION: South Korea has a market economy which ranks 15th in the world by nominal GDP and 12th by purchasing power parity (PPP), identifying it as one of the G-20 major economies. It is ahigh-income developed country, with a developed market, and is a member of OECD. South Korea is one of the Asian Tigers, and is the only developed country so far to have been included in the group of Next Eleven countries. South Korea had one of the world's fastest growing economies from the early 1960s to the late 1990s, and South Korea is still one of the fastest growing developed countries in the 2000s, along with Hong Kong, Singapore, and Taiwan, the other three members of Asian Tigers. South Koreans refer to this growth as the Miracle on the Han River. Having almost no natural resources and always suffering from overpopulation in its small territory, which deterred continued population growth and the formation of a large internal consumer market, South Korea adapted an export-oriented economic strategy to fuel its economy, and in 2010, South Korea was the seventh largest exporter and tenth largest importer in the world. Despite the South Korean economy's high growth potential and apparent structural stability, South Korea suffers perpetual damage to its credit rating in the stock market due to the belligerence of North Korea in times of deep military crises, which has an adverse effect on the financial markets of the South Korean economy.However, renowned financial...
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...Introduction to Economics I TRADE AGREEMENTS AND WORLD TRADE ORGANIZATION PROFESSOR ASSISTANT STUDENTS Nataša Tandir Nedžad Isaković Sejid Abaz Sarajevo, December 2011. CONTENT Trade Agreements.......................................................................................................................... 3 Bilateral and Multilateral Agreements................................................................................. 3 Trade Agreements and Trading Blocks............................................................................... 3 Different types of trade agreements..................................................................................... 3 1. Free Trade Areas (FTA)........................................................................................... 3 2. Common Monetary Area (CMA)............................................................................. 5 3. Customs Union......................................................................................................... 5 4. Common Market...................................................................................................... 6 5. Monetary Union....................................................................................................... 6 6. Economic Union...................................................................................................... 7 World Trade Organization......................
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...bond of trade. Designated as trade blocs, these bonds are a type of intergovernmental agreement, usually associated with geographically aligned intergovernmental confederations, “where regional barriers to trade, (tariffs, and non-tariff barriers) are reduced or eliminated among the participating states” (Boundless, n.d.). As such trade blocs enable politico-economic ventures to flourish in the benefaction of its member nations. Albeit, trade blocs also represent diverse forms of economic integration, markedly, the preferential trade area, free trade area, custom union, common market, economic union and complete political integration (“What are trading blocs?”, n.d.). Customarily, the preferential trade area denotes the lowest level of commitment to reducing tariff barriers; typically member nations reduce trade barriers sans eliminating any amoung themselves (Finance Train, 2012). Whereas, the free trade area exists under the terms whereby trade barriers are removed on all member country imports, whilst independent tariff policies for non-member imports are retained (Finance Train, 2012). Comparatively, within the custom union, trade barriers are not only removed on all imports from member states, but a set of common policies are authorized in dealing with imports from non-member countries (Finance Train, 2012). More so, in a common market, member participants eradicate internal trade barriers, endorse mutual policies concerning external non-members and facilitate the free movement...
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...University of Phoenix Material American Imperialism Part 1 Complete the chart by identifying the following: • Identify the countries or areas where the United States engaged in imperialistic actions during the period from about 1870 to 1914. (Michele Stafford) • Discuss why each area was important to American empire building (political, economic, and social). - KRISTY • Explain America’s expansionist ideals. What were some of the factors that justified American imperialist actions? • Identify the current political status of these places in relation to the United States. Age of Imperialism: 1870 to 1914 Place (Michele Stafford) Why was there interest? (KRISTY) U.S. actions Status today Samoa America was interested in the small islands located across the Pacific. A territory of the United States/ Of American Samoa. http://www.state.gov/r/pa/ei/bgn/1842.htm Hawaii Expanding the American forces using the Island as a naval base, and entering the sugar can market allowing for the product to exported making a big profit. Small amount of white sugar planters revolted on 1893 with America’s military that would assist. August 18, 1959, Hawaii was admitted to the Union. Hawaii is a state. http://www.hawaii-nation.org/statehood.html Latin-America America wanted to take over the control of the outside business being conducted. America wanted to succeed in opening new businesses in and out of Latin America Many challenges remain, but...
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...UNCTAD The United Nations Conference on Trade and Development (UNCTAD) was established in 1964 as a permanent intergovernmental body. UNCTAD is the principal organ of the United Nations General Assembly dealing with trade, investment, and development issues. The organization's goals are to: "maximize the trade, investment and development opportunities of developing countries and assist them in their efforts to integrate into the world economy on an equitable basis." The primary objective of UNCTAD is to formulate policies relating to all aspects of development including trade, aid, transport, finance and technology. The conference ordinarily meets once in four years; the permanent secretariat is in Geneva. One of the principal achievements of UNCTAD has been to conceive and implement the Generalised System of Preferences (GSP). It was argued in UNCTAD that to promote exports of manufactured goods from developing countries, it would be necessary to offer special tariff concessions to such exports. Accepting this argument, the developed countries formulated the GSP scheme under which manufacturers' exports and some agricultural goods from the developing countries enter duty-free or at reduced rates in the developed countries. Since imports of such items from other developed countries are subject to the normal rates of duties, imports of the same items from developing countries would enjoy a competitive advantage. The creation of UNCTAD in 1964 was based on concerns of developing...
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...FREE TRADE AND ECONOMIC GROWTH An evaluation of the American – Peruvian Free Trade Agreement, 5 years after its implementation Adolfo Neira Economy (ECON6090) William Paterson University 10/24/14 Professor Dr. Taghi Ramin Contents ABSTRACT 3 INTRODUCTION 4 LITERATURE REVIEW 9 METHODOLOGY 11 FINDINGS AND DISCUSSION 13 CONCLUSION 17 REFERENCES 20 ANNEX OF FIGURES AND TABLES 22 Figure 1. Peru nominal and real GDP, 1994-2013 and Inflation Rate, 1994-2013 22 Figure 2. Peru Exports (FOB) and Imports (CIF). 1994-2013 22 Figure 3. Peru Trade Openness Index and Contribution of US trade to TOI. 23 Table 1. Trade evolution for Exports, Imports, and Trade Balance, Peru-USA 2009-2013. 23 Figure 4. Trade evolution for Exports, Imports, and Trade Balance, Peru-USA 2009-2013. 24 Figure 5. Peru-USA Trade Exports and Imports per capita. 2009-2013. 24 Figure 6. Peru-USA and Peru-World Net Trade and Balance Trade Comparison. 2009-2013. 25 Figure 7. Peru’s Foreign Direct Investment stock and flow (Equity Capital). 2003-2013. 25 ABSTRACT Peru has signed a Free Trade Agreement with United States on February 2009, this FTA with the US is a balanced and comprehensive agreement covering all aspects of bilateral economic relationship such as: trade in goods, investment promotion, procurement, border services, and protection of intellectual property. It also includes chapters on labor and environmental protection. Objectives for the Agreement are of two...
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...mountainous regions have colder winters that drop down to 39 degrees and in the summer months the desert averages 111 degrees. The capital city of Iraq which is also the largest city in the country is Baghdad and has a population just exceeding thirty million people. There are really only two major natural resources that are found in Iraq which are petroleum and natural gas. Iraq has the second largest reserve of oil in the Middle East following Saudi Arabia, amounting to 112 billion barrels although estimates show there could be as many as 200 billion barrels of oil that are in areas that have not been explored yet. Most of the oil in the country comes from only two regions within Iraq, Kirkuk which is in the north and Rumaylah in the south. Aside from these major resources there are also small deposits of salt, coal, gypsum and sulfur throughout the country. Iraq has had a...
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...PRESS PACK BRIEFING NOTES World Trade Organization 6th Ministerial Conference Hong Kong, China 13–18 December 2005 Contents Press information 3 Snapshot – Doha Development Agenda 5 Agriculture 6 Cotton 11 Trade in services 12 Market access, non-agricultural products 15 Intellectual property (TRIPS) 17 Trade facilitation 23 Rules: ad, scm including fisheries subsidies 25 Rules: regional agreements 28 Dispute settlement 31 Trade and environment 35 Small economies 37 Trade, debt and finance 38 Trade and technology transfer 39 Technical cooperation 40 Least-developed countries 42 Special and differential treatment 45 Implementation issues 47 Electronic Commerce 50 Members and accessions 51 Bananas 55 Statistics 57 Jargon buster - Country groupings 73 Jargon buster – An informal guide to 'WTOspeak' 75 Issued 5 December 2005 NOTE These briefing notes describe the situation as it exists at the time of going to press (mid- November 2005) They are designed to help journalists and the public understand the key issues of the Hong Kong Ministerial Conference. While every effort has been made to ensure the contents are accurate, they are not legal interpretations of the WTO agreements, nor do they prejudice member governments’ positions in the conference and in the negotiations. In addition, some simplifications are used in order to keep the text simple and clear. In particular, the words “country” and “nation” are frequently used to describe WTO members...
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...Nobel-prize-winning mist Gunnar Myrdal published Asian Drama that described tions into the failure in South ment policies different Korea, econo- a book entitled his investigadevelopAsia. a very South however, countries Malaysia, some South and Southeast Asian besides Singapore, such as India, Thailand, and Indonesia drama), (the very also show signs of of economic scene of Myrdal’ s and Southeast drama: Kong, Japan, Twenty years later, we are experiencing kind of Asian Taiwan, Hong an economic takeoff. World Bank data on the average annual growth product rate of per capita gross national the East Asian (see Exhibit 1) confirm and Singapore are now outperforming the United States and Western Europe economically. Western markets are flooded with high-quality, hightechnology products “made in Asia”; the production of cameras, TV sets, and domestic appliances has all but ceased in many Western countries, the automobile business has suffered severely, and President Reagan has had to violate his free-trade principles to save the U.S. microchip industry. It is true that most of the competition is from East, rather than from South or Southeast Asia; lead. The Five Dragons, as these countries are sometimes called, are heading the list, with average annual sustained-growth percentages over a 20-year period of 7.6% for Singapore, 7.2% for Taiwan, 6.6% for South Korea, 6.1% for Hong Kong, and 4.7% for Japan. These compare with rates for Western Europe of between...
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