Econ Commentary

Econ Commentary - Commentary#3 Title U.S South Korea Strike Largest Free Trade Deal Since NAFTA Source Fox News Word Count 748 The United States

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Commentary #3 Title : U.S., South Korea Strike Largest Free Trade Deal Since NAFTA Source : Fox News Word Count : 748
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The United States and South Korea have been dedicated through trade (the exchange of one item for another) for many years. In fact, the relationship the countries have with one another has helped diplomacy in Asia as a whole. To further their economic interests, the United States and South Korea have agreed to a free trade (a situation in which there are no artificial barriers to trade) agreement. Currently, more than $75 billion are exchanged from trade per year. The new U.S., South Korea free trade agreement will eliminate barriers to trade; such as tariffs (a tax on trade), quotas (a government-imposed restriction on quantity), Voluntary Export Restraints (a restriction set by a government on the quantity of goods that can be exported out of a country during a specified period of time), amongst others. With the elimination of these disturbances of trade, imports and exports (goods that are either brought in [import] or shipped to [export] other countries) will flow freely. Additionally, the agreement will guarantee that neither nation ever succumbs to a state of autarky (the
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This note was uploaded on 04/02/2008 for the course ECON 1311 taught by Professor Akay during the Spring '08 term at Trinity U.

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Econ Commentary - Commentary#3 Title U.S South Korea Strike Largest Free Trade Deal Since NAFTA Source Fox News Word Count 748 The United States

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