The United States - Korea Free Trade Agreement: Path to Common Economic Prosperity or False Promise?

The U.S.-Korea Free Trade Agreement, currently awaiting ratification in the legislatures of both countries, is known to be the most significant bilateral trade agreement for the United States since the conclusion of the North America Free Trade Agreement (NAFTA) in 1993 and for Korea since the initiation of the FTA drive in 2003. Both governments have promoted the U.S.-Korea FTA as the trade agreement that will enhance trade between the two countries and promote economic prosperity. The article critically reviews the inherent features of the U.S.-Korea FTA and examines whether the FTA is expected to promote the promised economic prosperity for both countries. The article also discusses prospects and impacts of the FTA on creating even larger free trade agreements between East Asia and North America and between East Asia and Europe