Time to build enhanced economic partnership with US
The Korea-U.S. Free Trade Agreement (KORUS FTA) marked its 10th anniversary this month. The agreement was seen as an opportunity to expand trade between Korea and the U.S. and deepen ties between the two allies. What has been achieved over the last decade is remarkable indeed.
Bilateral trade amounted to $169.1 billion last year, up 67.8 percent from 2011. Trade with the U.S. now accounts for 13.4 percent of Korea's total trade volume, up 9.3 percent from a decade ago, making the U.S. the nation's second-largest trading partner after China. Korea's trade surplus with the world's largest economy almost doubled to $22.7 billion last year from $11.6 billion before the trade deal. The accord also boosted bilateral investment, with the U.S. being the No. 1 destination for Korean firms' overseas investments.
Undeniably, the agreement has solidified their security alliance. Trade Minister Yeo Han-koo's remarked that "the KORUS FTA has served as a game changer that has upgraded economic and trade relations between the two sides."
The deal means a lot in that it has expanded markets for our major export items. Despite last year's global supply chain disruptions triggered by the coronavirus pandemic, shipments of the five major export items ― autos, auto parts, semiconductors, computers and petrochemical products ― rose markedly last year.
There is no doubt that our bilateral economic partnership should go beyond the FTA and into a new chapter. Both countries feel how important it is to deepen bilateral cooperation amid the transition to digital and the rapid transformation of supply chains. The allies should not be satisfied with their traditional merchandise trade. It's time for them to look for the path toward common prosperity through the digital transition and the creation of new industries. Needless to say, the new administration, which will be inaugurated here in May, must put top foreign policy priority on building an enhanced economic partnership with the U.S.
The Korea-U.S. Free Trade Agreement (KORUS FTA) marked its 10th anniversary this month. The agreement was seen as an opportunity to expand trade between Korea and the U.S. and deepen ties between the two allies. What has been achieved over the last decade is remarkable indeed.
Bilateral trade amounted to $169.1 billion last year, up 67.8 percent from 2011. Trade with the U.S. now accounts for 13.4 percent of Korea's total trade volume, up 9.3 percent from a decade ago, making the U.S. the nation's second-largest trading partner after China. Korea's trade surplus with the world's largest economy almost doubled to $22.7 billion last year from $11.6 billion before the trade deal. The accord also boosted bilateral investment, with the U.S. being the No. 1 destination for Korean firms' overseas investments.
Undeniably, the agreement has solidified their security alliance. Trade Minister Yeo Han-koo's remarked that "the KORUS FTA has served as a game changer that has upgraded economic and trade relations between the two sides."
The deal means a lot in that it has expanded markets for our major export items. Despite last year's global supply chain disruptions triggered by the coronavirus pandemic, shipments of the five major export items ― autos, auto parts, semiconductors, computers and petrochemical products ― rose markedly last year.
There is no doubt that our bilateral economic partnership should go beyond the FTA and into a new chapter. Both countries feel how important it is to deepen bilateral cooperation amid the transition to digital and the rapid transformation of supply chains. The allies should not be satisfied with their traditional merchandise trade. It's time for them to look for the path toward common prosperity through the digital transition and the creation of new industries. Needless to say, the new administration, which will be inaugurated here in May, must put top foreign policy priority on building an enhanced economic partnership with the U.S.
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