US-South Korea FTA begins March 15

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Following months of negotiations, a long-delayed free trade deal between the US and South Korea will go into effect on March 15th.

The pact was signed nearly five years ago, but faced tough resistance from some industry and agricultural interest groups in both countries. However, it is expected that the deal will help South Korean exporters who have lost -- and continue to lose -- sales to Europe because of the debt crisis. On the American side, it's expected to support tens of thousands of jobs in export industries. The free trade agreement, or FTA, will eliminate Seoul's duties on almost 80 percent of U.S. industrial products and almost 67 percent of U.S. farm goods on its first day of in force. Commitments opening up South Korea's services market, valued at 580 billion dollars, will also begin to take effect on March 15th.

 

Editor:Bai Yang |Source: CNTV.CN


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