Cheong, Inkyo

Abstract
The US has the world’s largest domestic market, and in fact has been most important economic partner for Korea. The conclusion of the Korea-US FTA (KORUS FTA) became the greatest event for Korea in its trade policy history. The FTA was concluded with high expectations of increased trade in the future, and it should mean substantial economic benefits for both countries, but likely with substantial gains for Korea but with only modest gains for the US. The Korea-US FTA will provide the US with a stronger economic foothold in East Asia, while at the same time enabling the US to participate more actively in regional economic integration in East Asia. The high-quality Korea-US FTA could also be used as a model for an East Asian FTA, and should provide to East Asian countries some incentives for promoting a region-wide FTA in the region.
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