U.S.-Korea Free Trade Agreement: Potential Economy-wide ... - USITC

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CONTENTS–Continued Tables—Continued 3.13 Leading U.S. exports of machinery and equipment to Korea, 2004–06 .............. 3-69 3.14. Leading U.S. imports of machinery and equipment from Korea, 2004–06 ........... 3-69 3.15. Korean passenger vehicle market, unit registrations and market share, 2002–06 ...... 3-75 3.16. Korean passenger vehicle market by engine size, 2005 .......................... 3-76 3.17. Total U.S. light vehicle sales, Korean import share, and total Korean share, in units, 2002–06 .................................................... 3-84 5.1. Selected GATT articles and U.S.-Korea FTA commitments related to customs administration ...................................................... 5-4 6.1. U.S.-Korea FTA: Industry sectors subject to existing nonconforming measures related to investment ................................................. 6-10 6.2. U.S.-Korea FTA: Industry sectors subject to potential nonconforming measures related to investment ................................................. 6-11 7.1. Model, liberalization experiment, and aggregate results: Selected economic literature on a U.S.-Korea FTA ......................................... 7-3 7.2. Changes in bilateral trade by sector: Selected economic literature on a U.S.-Korea FTA .................................................... 7-5 7.3. Change in output by sector: Selected economic literature on a U.S.-Korea FTA ....... 7-6 E.1. Leading U.S. exports to Korea, total exports to the world, and Korean share of total, 2006 .................................................. E-5 E.2. Leading U.S. imports from Korea, total imports from the world, and Korean share of total, 2006 ............................................ E-6 F.1. GTAP commodity and regional aggregation .................................. F-4 F.2. U.S.-Korea FTA benchmark tariffs and elasticities of substitution, estimates for 2008 . . F-8 H.1. Tariff equivalents in Korean banking services: Stage 1 results .................... H-8 H.2. Tariff equivalents in Korean banking services: Stage 2 results .................... H-8 I.1. U.S.-Korea FTA: Korean services sectors subject to nonconforming measures related to cross-border trade ................................................. I-3 I.2. U.S.-Korea FTA: U.S. services sectors subject to nonconforming measures related to cross-border trade ................................................... I-5 Figures 1.1. U.S. merchandise trade with Korea, 1996–2006 ................................ 1-5 2.1. U.S.-Korea FTA: Bilateral GTAP sector benchmark ad valorem equivalent tariffs ..... 2-3 2.2. U.S.-Korea FTA: Simulated effects on U.S. exports to Korea in selected sectors, by percent and value change ............................................. 2-10 2.3. U.S.-Korea FTA: Simulated effects on U.S. imports from Korea in selected sectors, by percent and value change ........................................... 2-11 3.1. Korea: Beef and variety beef imports, 2001–06 ................................ 3-40 3.2. Consumer prices for beef in Korea .......................................... 3-41 viii Page
CONTENTS–Continued Page Boxes 2.1. Interpreting the model results .............................................. 2-4 3.1. Key events in recent U.S.-Korea beef trade ................................... 3-38 3.2. Potential price and quantity effects of NTMs on selected processed foods ........... 3-48 3.3. Potential price and quantity effects of NTMs on passenger cars, 1,500–3,000 cc engine displacement ....................................................... 3-77 3.4. Automotive-related FTA provisions ......................................... 3-79 3.5. Potential price and quantity effects of NTMs on ultrasound scanning apparatus ....... 3-95 4.1. Profile of services industries in Korea and the United States ...................... 4-2 4.2. Financial services: Competitive conditions ................................... 4-7 4.3. The interpretation of tariff equivalents ....................................... 4-7 4.4. Competitive conditions in the Korean telecommunication services market ........... 4-13 4.5. U.S. legal services trade with Korea and the climate for opening the Korean market for legal services .............................................. 4-17 4.6. Competitive conditions in the Korean audiovisual services market ................. 4-21 6.1. Foreign investment in Korea............................................... 6-6 6.2. Recent conditions of IPR protection in Korea ................................. 6-24 6.3. Labor market conditions in Korea .......................................... 6-31 ix
Page 2 and 3: U.S. International Trade Commission
Page 4 and 5: This report was prepared principall
Page 6 and 7: CONTENTS-Continued Chapter 3. Secto
Page 8 and 9: CONTENTS—Continued Chapter 5. Imp
Page 10 and 11: CONTENTS-Continued Chapter 7. Liter
Page 15 and 16: Abbreviations and Acronyms 3G third
Page 17 and 18: Abbreviations and Acronyms—Contin
Page 19: Abbreviations and Acronyms—Contin
Page 22 and 23: vehicles) would likely be diverted
Page 24 and 25: Sector-specific Assessments The U.S
Page 26 and 27: total increased fish imports from K
Page 28 and 29: Korea would likely limit the impact
Page 30 and 31: Intellectual property rights (IPR):
Page 32 and 33: sector barriers. 5 These merchandis
Page 34 and 35: Table 1.1 U.S.-Korea FTA: Location
Page 36 and 37: Table 1.2 Korean tariff rates on im
Page 38 and 39: Table 1.4 U.S.-Korea FTA: Summary o
Page 40 and 41: observed GDP for model regions). Th
Page 42 and 43: Box 2.1 Interpreting the model resu
Page 44 and 45: Table 2.1 U.S.-Korea FTA: Simulated
Page 46 and 47: 2-8 This page has been updated to r
Page 48 and 49: Figure 2.2 U.S-Korea FTA: Simulated
Page 50 and 51: As shown in figure 2.2, the largest
Page 52 and 53: 2-14 This page has been updated to
Page 54 and 55: Economy-wide Impact of Implementing
Page 56 and 57: Grain (Wheat, Corn, and Other Feed
Page 58 and 59: Korea imported 3.8 million mt of wh
Page 60 and 61: U.S. oilseed product exports to Kor
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Table 3.2 U.S. oilseed product expo
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Table 3.3 Animal feed exports to Ko
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consumed domestically by the U.S. l
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ates. For corn starch, the United S
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quota rates have been effectively e
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Noncitrus Fruit 87 Views of Interes
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3-20 Table 3.9 U.S.-Korea trade and
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Korean grapes are much more costly
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Potato Products 122 Assessment The
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ate is 304 percent ad valorem. 141
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Other Vegetables 162 Assessment The
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U.S. exports of other fresh and pro
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tariff concessions that could accru
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Dairy Products 215 Similarly, the p
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TRQ for food whey, 223 based on cur
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potential changes in trade based so
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Figure Figure 3.1 Korea: Beef and v
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Views of Interested Parties The inc
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are subject to the same food safety
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enefit under the provisions of this
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Box 3.2 Potential price and quantit
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50 percent, while the vegetable jui
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and major supplier, and U.S. tariff
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textiles and apparel through 2005.
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U.S. Exports The impact of the FTA
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passage. NCTO indicated that, even
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In its report, the ITAC on Distribu
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of the U.S. footwear market, with C
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of these producers. 362 RPFMA noted
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prohibit improper inducements by ph
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Machinery, Electronics, and Transpo
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U.S. exports of auto parts would be
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imports from and exports to Korea.
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Passenger Vehicles 433 Assessment U
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Table 3.16 Korean passenger vehicle
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import activities have continued
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Box 3.4 Automotive-related FTA Prov
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access. The FTA affirms the parties
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gaining U.S. market share regardles
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keep the products out.” 492 Mr. B
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these vehicles to Korea. The commit
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Brown expressed concern about the r
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goods; and high-technology medical,
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device pricing, reimbursement, and
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CHAPTER 4 Impact of Market Access P
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elative to GDP than do China, Japan
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services as a substantial improveme
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Box 4.2 Financial services: Competi
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Summary of Provisions Chapter 13 of
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national treatment, full establishm
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Box 4.4 Competitive conditions in t
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and cross-connect links 70 are more
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Box 4.5 U.S. legal services trade w
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establish offices in Korea to provi
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Box 4.6 Competitive conditions in t
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equirements and foreign ownership r
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CHAPTER 5 Impact of Trade Facilitat
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publication and administration of t
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Views of Interested Parties In its
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Summary of Provisions This chapter
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use of TBTs to protect Korea’s au
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conformity assessment procedures el
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FTA Chapter 15-Electronic Commerce
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Views of Interested Parties The U.S
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quantities as to be a substantial c
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that such transshipment could imped
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Box 6.1 Foreign investment in Korea
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in the FTA. The awards made by any
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Table 6.1 U.S.-Korea FTA: Industry
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(ITAC 5) report cited as particular
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Section C of Chapter 11 and the lac
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practices, and violations of consum
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FTA Chapter 17—Government Procure
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Both the United States and Korea ar
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8) 87 also expressed support for th
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Box 6.2 Recent conditions of IPR pr
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protection to life of the author pl
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Views of Interested Parties A numbe
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GPHA stated in testimony before the
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Box 6.3 Labor market conditions in
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FTA Chapter 20—Environment 131 As
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trade measures are the least disrup
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FTA Chapter 22-Institutional Provis
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Views of Interested Parties The Ind
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CHAPTER 7 Literature Review and Sum
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7-3 Table 7.1 Model, liberalization
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terms. Much of the increase in U.S.
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Liberalization generated small incr
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Sander Levin, Member of the U.S. Ho
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Regarding footwear and travel goods
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Korea’s establishment as a region
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The California Table Grape Commissi
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order activity, and facilitate expa
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At the Commission’s hearing, Mr.
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Information Technology Industry Cou
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With respect to tariff and nontarif
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deterring illegal transshipments. I
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PhRMA identified what it views as t
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the TIA stated that it supports the
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access to the market. The Council a
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United States, Spain, Chile, Brazil
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Bibliography Advanced Medical Techn
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AT&T. “AT&T Reaction to Free Trad
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______. “Korea-U.S. Free Trade Re
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______. “Country Finance: South K
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Global Trade Information Services I
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International Labor Organization (I
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Jones, Laura E. Executive Director.
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Lee, Hyunok, and Daniel A. Sumner.
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Nam, In-Soo. “Helio's Losses To W
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Powers, Mark. Northwest Horticultur
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Smith, Brad. American Council of Li
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U.S.-Korea Business Council (USKBC)
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______. “Korea, Republic of Oilse
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U.S. International Trade Commission
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Ward, David. American Council on Ed
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APPENDIX A Request Letter from USTR
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APPENDIX B Federal Register Notices
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pwalker on PROD1PC71 with NOTICES 2
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APPENDIX C Hearing Participants
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ORGANIZATION AND WITNESS: PANEL 1 (
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APPENDIX D U.S.-Korea FTA: Chapter-
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fees and charges on trade in goods
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determines the tariff classificatio
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The transparency provisions would a
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necessary duties within 1 year of i
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technical regulation or conformity
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procedures), and practices of a par
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aviation, fisheries, or maritime ma
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of standards and criteria and on te
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of the FTA that impose unilateral o
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use of electronic authentication in
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parties’ rights and obligations u
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establishment of Uniform Domain-Nam
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government to take appropriate meas
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environmental laws. 102 In the U.S.
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not limited to, policies on commerc
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Economic indicators 2002 2006 Popul
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Table E.1 Leading U.S. exports to K
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APPENDIX F GTAP Model
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Updating the GTAP Database The curr
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Key Assumptions Agency. 4 The price
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Table F.2 U.S.-Korea FTA benchmark
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Measuring the Impacts of the FTA an
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General Effects of Trade Agreements
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APPENDIX H Tariff Equivalents in Ko
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Previous Literature The method for
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For the purposes of this report, a
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Table H.1 Tariff equivalents in Kor
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APPENDIX I Services Nonconforming M
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Table I.1 U.S.-Korea FTA: Korean se
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APPENDIX J Description of Possible
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are in effect import prices, and th
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APPENDIX K Overview of Agricultural
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Additionally, although current regu
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About This Report The United States
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