American trade deal spells trouble for Korean farmers
AFP, February, 2006
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SEOUL (AFP) — South Korea has said a free trade agreement with the United States would bring overall economic benefits to both countries, but analysts have warned poor Korean farmers will be on the losing end.
The United States and South Korea agreed Thursday to launch talks for a free trade agreement (FTA), which President George W. Bush said would expand America's engagement in Asia.
If clinched, the pact would be the largest US free trade accord in Asia, as South Korea is the third biggest economy in the region behind China and Japan, with whom Washington has no such agreement.
It would also be the most significant free trade accord in 15 years for the US since it signed an FTA with neighbours Canada and Mexico.
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Stressing the positives, officials in Seoul cited research saying the FTA would boost South Korea's GDP by two percentage points or 14 ...
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