ROK-US Economic Relations Stand at Threshold of New Era

Korea Times (Seoul, Korea), December 23, 2000 | Go to article overview

ROK-US Economic Relations Stand at Threshold of New Era


With the election of George W. Bush as the 43rd President of the United States, U.S.-Korea economic relations stand at the threshold of a new era.

Over the past eight years, during the period of the Clinton administration, the U.S.-Korea economic relationship flourished. Total two- way trade grew from slightly over $31 billion in 1992 to over $54 billion in 1999, and is on a pace to reach nearly $70 billion for 2000. U.S. direct investment into Korea rose from $379 million in 1992 to $3.7 billion in 1999. The United States is Korea's largest trading partner and a larger source of foreign investment than any other single country. The American Chamber of Commerce in Korea has over 2000 members representing over 900 firms.

As the economic relationship grew closer, trade friction initially increased in intensity and frequency. There was a growing chorus of complaints from American firms in a wide variety of sectors about difficulties in selling their goods and services in Korea. Many Americans felt that Koreans had a hostile attitude toward foreign products; many Koreans felt that the United States was overly aggressive in pressing Korea to open its markets. The United States Trade Representative characterized Korea as one of the most difficult countries in the world in which to do business.

However, during the Clinton administration, the United States and Korea made significant progress in easing trade frictions in a number of areas.

In 1993 they signed a Record of Understanding relating to Korean imports of beef and cattle. In 1996 and 1997 the two governments reached agreements dealing with telecommunications trade. And in 1998 the two sides signed a Memorandum of Understanding designed to improve market access into Korea for foreign automobiles. While these agreements did not resolve all the issues between the United States and Korea in these areas, they laid the groundwork for further progress.

The United States also responded quickly and forcefully to Korea's request for assistance when the economic and financial crisis that swept through Southeast Asia in the summer and fall of 1997 reached Korea. The United States played a key role in mobilizing an assistance program for Korea in conjunction with the IMF and with major American financial institutions.

In addition to strengthening their bilateral economic ties over the past eight years, the United States and South Korea have forged a close relationship in a common effort to strengthen the international economic system. Both countries worked closely together to achieve a successful conclusion to the Uruguay Round of trade negotiations, which led to the establishment of the World Trade Organization. Both countries collaborated to make a series of APEC leaders' meetings successful. The United States gave its full support and encouragement to Korea's successful bid to become a member of the OECD, and both countries are now collaborating in the work of the G-20 to strengthen the international financial system.

The United States and Korea have become true economic partners in every sense of the word.

The challenge facing both countries as the Bush administration prepares to take office on January 20 will be to sustain and build on the momentum of the past eight years.

Many of the challenges ahead will be in the bilateral economic arena. As Korea has rebounded from the economic crisis of 1997-1998, many American industries have resumed their pressure on the U.S. government to negotiate improved conditions for access to the Korean market.

The U.S. automobile industry is increasingly concerned about the low level of imports of foreign vehicles into Korea, particularly in light of the rapid growth in Korean automobile exports to the United States. The Intellectual Property Alliance, representing U.S. firms in the motion picture, computer software, film, and book publishing industries, has increased the level of its criticism of the intellectual property protection regime in Korea, and there is a chorus of complaints from other U. …

The rest of this article is only available to active members of Questia

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this article

This article has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this article

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited article

ROK-US Economic Relations Stand at Threshold of New Era
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    Buy instant access to save your work.

    Already a member? Log in now.

    Author Advanced search

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.