Author: Kyung Tae Lee, KITA

On December 3, Korea and the US finally agreed upon the revised text of the KORUS FTA, which was originally concluded by the previous administrations in both parties. The renegotiation was initiated by President Obama and the Democrat leadership, who repeatedly emphasised the drawbacks of the original text, particularly in the automobile provision.

Korea conceded delaying the US tariff elimination on Korean cars by four years and allowing US cars to be imported into Korea with increased safety and stricter emission standards. Read more…

Author: Kyung-Tae Lee, KITA

In 2000, the East Asian Vision Group (EAVG) recommended to both the leaders of the 10 ASEAN member states, and the leaders of China, Japan, and South Korea that an East Asian Community (EAC) be established. Since then, intra-regional trade and investment has expanded rapidly. But this deeper economic integration, which is a key component for building an East Asian Community, has been driven not by the leaders of the countries concerned, but rather by market players.

Where does this leave the vision of an EAC, and what have regional leaders done about it? Put bluntly, the actions of East Asian leaders have been disappointing.

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