Free Trade Talks With South Korea to Start

(Akron/Tire Review) Free trade talks between the US and South Korea have been confirmed, and if they are successful it would represent the largest free trade deal for the US since NAFTA was instituted.

News reports said negotiations could take at least a year. However, approval by Congress may face opposition from critics of the Bush White House’s free trade policies. The benefit to Americans would be cheaper prices goods from South Korea, including cars, tyres, cell phones, televisions and other consumer goods.

South Korea has the 11th largest economy in the world and US exports into that market totalled $25.1 billion through November 2005. At the same time, South Korea exported some $40.1 billion in goods to the US, mostly in cars and electronics.