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US Congress passes Korea-US FTA.

Korea and the US made substantial progress in the Korea-US Free Trade Agreement (KORUS FTA) as US lawmakers cleared legislation for the trade deal. On October 12, the US House of Representatives passed the trade agreement by a vote of 278 to 151 with five abstentions. Shortly after, the Senate voted 83 to 15 to approve the deal. The vote coincided with Korean President Lee Myung-bak's arrival in Washington for a state visit.

Although Korea and the US signed the KORUS FTA on June 30, 2007, its ratification has been delayed for more than four years. As the agreement won bipartisan support in the US, President Barack Obama is expected to sign the bill into law. Once Korea's National Assembly concludes the ratification process, the KORUS FTA will go into effect 60 days after the two countries exchange letters confirming the ratification.

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Title Annotation:Economic News Briefing
Publication:Economic Bulletin (Korea)
Date:Oct 1, 2011
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