That pact would have thrown open most of the world's 13th-largest economy to American companies and boosted U.S. GDP by $10 billion to $12 billion. It also would have cemented America's relationship with an important ally.The US, it warns, "will lose out to their European peers on access to the Korean market," and this is a "protectionist cost" America cannot afford.
Yet congressional Democrats have stalled ratification, largely at the behest of their Big Labor backers. Opponents claim, all evidence to the contrary, that the agreement wouldn't do enough to open Korea's car market.
Sunday, March 29, 2009
Wall Street Journal bashes Obama on ROK-US free-trade agreement
A lot of commenters in the Korea-blogosphere seem to enjoy bashing the KORUS FTA, some of them apparently out of some twisted revenge for negative experiences at the hand of some Korean or other, but the Wall Street Journal is calling Obama out on his foot-dragging over this agreement, signed by Bush, and Trade Representative Ron Kirk's calls to "step away" from the ROK-US FTA.
The WSJ is saying that the EU-ROK is going to provide South Korea and the European Union some real benefits that the US is going to miss out on because of Democrats being in too deep with Big Labor. Some pertinent quotes: