Question

Overview:Trade deals require all parties to make concessions, and the negotiations between the United States and South Korea are a case in point. In the spring of 2008, President Lee Myung-bak of South Korea decided to lift a ban on U.S. beef; in return, the United States agreed to exclude South Korea’s rice industry from the trade agreement. 4. As this book went to press, the U.S. Congress had not ratified the FTA with Korea. What is the update? Has the deal been ratified or not? Which of the requirements identified in the final paragraph of the case study affected the outcome?

Answer 1

In 2007 than US President George W. Bush signed a FTA with south korea. After the FTA the there was opposition from the Democrates who hold the majority in both senate and House. In 2008 there was also Presidential election. SO than South korean GNP (Grand National party ) wanted to ratify the agreement as it felt due to this FTA there will be more job oppurtunities and economic growth for both the countries. So the south korean government ratified the FTA in their national assembly and than had session with the US congressmen to ratify the FTA before elections.

After the election in 2008 than President expressed intrest in ratification after few negotiations and in 2010 the agreement was ratified.