Topic > Benefits of KORUS FTA - 1254

Often, something that is a positive outcome for one nation is a disadvantage for the other nation. An example of what has resulted from this agreement is the fact that so far Korea has recorded a trade surplus in trade with the United States. This is a big event for them; however, the United States faced a growing trade deficit as a result. Similarly, increased agricultural exports to Korea have created jobs and increased GDP for the United States. On the other hand, Korea has suffered from this because its agricultural sector has declined significantly, as a result the jobs available for people in this field of work have significantly decreased. (“Ha”) The pros and cons of a free trade agreement usually depend on which perspective is viewed. There are a couple of outcomes of the KORUS FTA that have been beneficial to both countries. Due to the decrease in tariffs and resulting investment in a foreign nation, both countries have experienced increased employment, economic growth, technological growth, and industrial growth. Additionally, when free trade agreements are made with other nations, the people creating the FTA will look at the KORUS agreement to draw out some aspects that have worked well. (“Ha”) The fact that other nations are examining this agreement shows that it has succeeded in achieving its goals.