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

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KOREA–CONTINUED Leading U.S. exports to Korea, US$ million, 2006 Leading U.S. imports from Korea, US$ million, 2006 Integrated circuits ...................... 3,229.0 Certain passenger vehicles . . . . . . . . . . . . . . . . . . . 9,095.0 Large civil aircraft ...................... 2,351.0 Transmission apparatus incorporating reception (including transceivers and cell phones) . . . . . . . 5,334.0 Certain miscellaneous appliances and machinery ......................... 1,381.0 Integrated circuits ........................... 2,359.0 Aircraft parts .......................... 846.0 Other................................ 22,986.0 Other..................................... 27,927.0 Total ................................ 30,794.0 Total ..................................... 44,714.0 International Organization Membership and Trade Agreements • Korea is a member of a number of multilateral institutions, including the World Trade Organization (WTO), Organization for Economic Cooperation and Development (OECD), and International Monetary Fund (IMF). In addition, Korea is a member of regional organizations, including the Asia-Pacific Economic Cooperation (APEC), and a dialogue partner with the Association of South East Asian Nations (ASEAN). • Korea has implemented free trade agreements (FTAs) with Chile, the European Free Trade Area (EFTA), and Singapore. Korea is in the process of negotiating additional FTAs with Canada, the European Union, and Japan. • Korea is a participant in the WTO Information Technology Agreement. Korea has also signed bilateral investment treaties with Austria, Bangladesh, Belgium-Luxembourg, China, the Czech Republic, Denmark, Finland, France, Germany, Greece, Hungary, India, Indonesia, Italy, Lithuania, Malaysia, Mongolia, Netherlands, Pakistan, Paraguay, Peru, Poland, Romania, Russia, Senegal, Spain, Sri Lanka, Switzerland, Tajikistan, Thailand, Tunisia, Turkey, United Kingdom, Uzbekistan, and Vietnam. U.S.-Korea Trade in Goods • U.S. trade with Korea accounted for 3.3 percent of U.S. merchandise exports and 2.4 percent of U.S. merchandise imports in 2006. Korea ranked as the seventh-largest market for U.S. exports and the seventh-largest import supplier for the United States in 2006. • The United States is one of Korea’s largest trading partners, supplying 10.9 percent of Korea’s imports and purchasing 13.3 percent of Korea’s exports in 2006. Sources: CIA World Factbook; EIU, “Country Profile 2006: South Korea”; USDOS, “Background Note: South Korea,” May 2007; International Center for Settlement of Investment Disputes, the World Bank Group; Global Trade Information Services, World Trade Atlas Database; and official statistics of the U.S. Department of Commerce. E-4
Table E.1 Leading U.S. exports to Korea, total exports to the world, and Korean share of total, 2006 HTS subheading Description E-5 Exports to Korea Exports to world Korean share -------Million dollars----- Percent 854221 Electronic monolithic digital integrated circuits . . . . . . . . . . . . . 3,229 23,359 13.8 880240 Airplanes and other aircraft NESOI, of an unladen weight exceeding 15,000 kg ................................ 2,351 35,837 6.6 847989 Machines and mechanical appliances having individual functions, nesoi .................................. 1,381 5,798 23.8 880330 Parts of airplanes of helicopters, nesoi . . . . . . . . . . . . . . . . . . 846 17,649 4.8 100590 Corn (maize), other than seed corn . . . . . . . . . . . . . . . . . . . . . 723 7,157 10.1 845691 Machines tools for dry etching patterns on semiconductor materials.......................................... 609 2,369 25.7 854229 Electronic monolithic integrated circuits other than digital . . . . 586 6,888 8.5 900190 Lenses (except contact and spectacle), prisms, mirrors and other optical elements, unmounted, other than elements of glass not optically worked............................. 383 1,475 26.0 292610Acrylonitrile........................................ 316 1,114 28.4 271019 Petroleum oils and oils (not light) from bituminous minerals or preps nesoi 70%+ by wt. from petroleum oils or bitum. min. . . 298 16,034 1.9 988000 Estimate of non-Canadian low-value export shipments; complied low-value shipments to Canada; and shipments not identified by kind to Canada ........................... 284 22,910 1.2 854210 Cards incorporating an electronic integrated circuits ("smart" cards) ............................................ 281 618 45.5 270730Xylenes........................................... 280 370 75.7 841191 Parts of turbojets or turbopropellers . . . . . . . . . . . . . . . . . . . . . 261 9,204 2.8 760200Aluminum waste and scrap ........................... 258 2,448 10.5 Subtotal ...................................... 12,086 153,230 7.9 Other............................................. 18,708 776,406 2.4 Total ......................................... 30,794 929,636 3.3 Source: Compiled from Official statistics of the U.S. Department of Commerce. Note: nesoi = “not elsewhere specified or included.”
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U.S. International Trade Commission
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This report was prepared principall
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CONTENTS-Continued Chapter 3. Secto
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CONTENTS—Continued Chapter 5. Imp
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CONTENTS-Continued Chapter 7. Liter
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CONTENTS-Continued Tables—Continu
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Abbreviations and Acronyms 3G third
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Abbreviations and Acronyms—Contin
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Abbreviations and Acronyms—Contin
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vehicles) would likely be diverted
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Sector-specific Assessments The U.S
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total increased fish imports from K
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Korea would likely limit the impact
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Intellectual property rights (IPR):
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sector barriers. 5 These merchandis
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Table 1.1 U.S.-Korea FTA: Location
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Table 1.2 Korean tariff rates on im
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Table 1.4 U.S.-Korea FTA: Summary o
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observed GDP for model regions). Th
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Box 2.1 Interpreting the model resu
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Table 2.1 U.S.-Korea FTA: Simulated
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2-8 This page has been updated to r
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Figure 2.2 U.S-Korea FTA: Simulated
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As shown in figure 2.2, the largest
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2-14 This page has been updated to
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Economy-wide Impact of Implementing
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Grain (Wheat, Corn, and Other Feed
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Korea imported 3.8 million mt of wh
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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
Page 297: APPENDIX A Request Letter from USTR
Page 301: APPENDIX B Federal Register Notices
Page 304 and 305: pwalker on PROD1PC71 with NOTICES 2
Page 307: APPENDIX C Hearing Participants
Page 310 and 311: ORGANIZATION AND WITNESS: PANEL 1 (
Page 313: APPENDIX D U.S.-Korea FTA: Chapter-
Page 316 and 317: fees and charges on trade in goods
Page 318 and 319: determines the tariff classificatio
Page 320 and 321: The transparency provisions would a
Page 322 and 323: necessary duties within 1 year of i
Page 324 and 325: technical regulation or conformity
Page 326 and 327: procedures), and practices of a par
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Page 336 and 337: parties’ rights and obligations u
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Page 340 and 341: government to take appropriate meas
Page 342 and 343: environmental laws. 102 In the U.S.
Page 344 and 345: not limited to, policies on commerc
Page 347: Economic indicators 2002 2006 Popul
Page 351: APPENDIX F GTAP Model
Page 354 and 355: Updating the GTAP Database The curr
Page 356 and 357: Key Assumptions Agency. 4 The price
Page 358 and 359: Table F.2 U.S.-Korea FTA benchmark
Page 360 and 361: Measuring the Impacts of the FTA an
Page 363 and 364: General Effects of Trade Agreements
Page 365: APPENDIX H Tariff Equivalents in Ko
Page 368 and 369: Previous Literature The method for
Page 370 and 371: For the purposes of this report, a
Page 372 and 373: Table H.1 Tariff equivalents in Kor
Page 375: APPENDIX I Services Nonconforming M
Page 378 and 379: Table I.1 U.S.-Korea FTA: Korean se
Page 381: APPENDIX J Description of Possible
Page 384 and 385: are in effect import prices, and th
Page 387: APPENDIX K Overview of Agricultural
Page 390 and 391: Additionally, although current regu
Page 392: About This Report The United States
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U.S.-Korea Free Trade Agreement: Potential Economy-wide ... - USITC

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