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South Korea is at the present the seventh-largest trading partner of the US. It is the 11th-largest economy in the world. Both the countries are bound by the 1953 Mutual Defence Treaty. The future looks to be promising for South Korea as the US will shift from a leading partner's role to a supporting partner's rule.
South Korea's economy has significantly developed during the past 4 decades. The US is aiming to use Korean ballooning markets as investment opportunities for American trade. The South Korean leaders have taken the initiative to manage the economic relationship with the US and represent their country actively in global trade forums. On Feb 2, 2006, the two nations announced their decision to negotiate a Free Trade Agreement (FTA). The president's TPA(Trade Promotion Authority) expires on June 7, 2007, and a comprehensive U.S.-R.O.K. FTA is on the pipeline which can create a million jobs and trade worth $25 billion through improved trade and investments.
South Korea's economy has significantly developed during the past 4 decades. The US is aiming to use Korean ballooning markets as investment opportunities for American trade. The South Korean leaders have taken the initiative to manage the economic relationship with the US and represent their country actively in global trade forums. On Feb 2, 2006, the two nations announced their decision to negotiate a Free Trade Agreement (FTA). The president's TPA(Trade Promotion Authority) expires on June 7, 2007, and a comprehensive U.S.-R.O.K. FTA is on the pipeline which can create a million jobs and trade worth $25 billion through improved trade and investments.
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