U.S.-South Korean Pact May Boost Trade by $20B
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The new American free-trade pact with South Korea, hailed as the biggest since the American deal with Mexico and Canada, is likely to enhance Washington’s regional clout and bolster sales of American produced cars, oranges, and television programs.
The accord, which calls for the immediate elimination of tariffs on more than $1 billion in American farm exports, could boost twoway trade by $20 billion in coming years and open up one of Asia’s largest markets further to American law firms, banks, and chip makers, analysts said.
American entertainment companies would appear to be the big winners in the pact announced yesterday, gaining tougher copyright protections, expanded access for their television programming, and the right to purchase as much as a 100% share of South Korean content providers.
Most important to South Korea, its apparel producers and automakers would gain better access to the giant American market.
“It sounds like they’ve gotten a good deal across many different sectors of the economy,” the president of the U.S.-Korea Business Council, Myron Brilliant, said.
