US South Korea free trade deal clears first hurdle Skip to main content

US South Korea free trade deal clears first hurdle

US President Barack Obama and South Korean President Lee Myung-bak The trade deal is expected to dominate President Lee Myung-bak's visit to the US later this month

Related Stories

The free trade agreement between the US and South Korea has cleared the first hurdle four years after the deal was first agreed.
The House Ways and Means Committee has voted to advance US free-trade agreements with South Korea, Colombia and Panama to the full House.
The push for a swift approval of the deals comes amid a slowdown in the US economy and high rates of unemployment.
Backers of the deals said they will boost US exports and create jobs.
"With zero jobs created last month and the unemployment rate hovering around nine percent, we must look at all opportunities to create American jobs," said David Camp, chairman of the House Ways and Means Committee.
Tariff concerns The deal with South Korea is the largest US trade pact since it signed the North American Free Trade Agreement in 1994.
According to some estimates, it is expected to increase US exports to the Asian economy by as much as $10bn (£6.5bn).
Though the deal was agreed in 2007, there had been concerns in the US over tariffs imposed by South Korea on the US carmakers.
The two sides finally managed to reach an agreement on the issue last year. South Korea said it would halve its tariff on US cars to 4% and lift it completely in four years.
At the same time, US said it would also lift its 2.5% tariff on Korean cars during that period.
South Korea had also agreed to allow the US to export up to 25,000 cars a year that do not meet its more stringent safety requirements.

http://www.bbc.co.uk/news/business-15194223

Labels

Labels:

Comments

Post a Comment

Popular posts from this blog

Sri Bhaddanta Chandramani Mahathera

The Life Story of A Distinguished And Outstanding Bhikkhu The Most Venerable Saradawpharagree Sri Bhaddanta Chandramani Mahathera The Buddhist missionary Saradaw Ashin U Chandramani was endowed with great gifts and led a famous and long life. He was a very well known, distinguished and outstanding Bhikkhu Mahathera. While living in the Kushinagar Monastery, a place close to where the Lord Buddha had passed away to Nirvana, the Government of India had offered, and he had accepted, the highest, most honourable and respected title "Guru Guru MahaGuru". He became the first ever President of all Buddhists in India.A World Buddhist Conference took place in Kathmandu during the reign of King Mahindra of Nepal. The Conference was very well attended by over one hundred thousand Buddhists from various parts of the world and it was opened by King Mahindra himself. As requested by the King, Saradawpharagree blessed all the participants with the power of Triple Gems...
Post a Comment
Read more

Thai penis whitening trend raises eyebrows

Image copyright LELUXHOSPITAL Image caption Authorities warn the procedure could be quite painful A supposed trend of penis whitening has captivated Thailand in recent days and left it asking if the country's beauty industry is taking things too far. Skin whitening is nothing new in many Asian countries, where darker skin is often associated with outdoor labour, therefore, being poorer. But even so, when a clip of a clinic's latest intriguing procedure was posted online, it quickly went viral. Thailand's health ministry has since issued a warning over the procedure. The BBC Thai service spoke to one patient who had undergone the treatment, who told them: "I wanted to feel more confident in my swimming briefs". The 30-year-old said his first session of several was two months ago, and he had since seen a definite change in the shade. 'What for?' The original Facebook post from the clinic offering the treatment, which uses lasers to break do...
1 comment
Read more

Father of Kao Tao murders suspect requests chance to talk to his son

Migrant worker's father in Rakhine State says he wants to talk to his son. Suspect Win Zaw Htun, in red shirt, sits with suspect Zaw Lin, centre, during a police "re-enactment" of the murder of two British tourists on a beach on Koh Tao, Thailand October 3. Photo: AFP/Thai Police   The murder of two British tourists on a beach in Thailand has caught media attention from around the world. With the focus now on the two Myanmar migrant workers charged with murder, Mizzima talked by phone October 8 to U Tun Tun Hteik, the father of Win Zaw Htun, 21, one of the two suspects. The father lives in Kapi village, Kyaukphyu Township in Rakhine state. Britons Hannah Witheridge, 23, and David Miller, 24, were murdered on a beach on the Thai island of Kao Tao, 410 kilometres south of Bangkok on September 15. Controversy surrounds the efforts by the Thai authorities to solve the case, with the Thai govern...
Post a Comment
Read more