Korea-US free trade agreement shrunk by billions of dollars in trade.

<P> It: finance. Hearing, after 48 hours of continuous day and night of the "extra time" negotiations on behalf of Korea and the U.S. announced yesterday afternoon in Seoul, the two sides finally reached a free trade (FTA) agreement, for the last 1 years .negotiations on a fairly complete picture of a full stop. .</ P> <P> fly in the ointment is that the interests at stake in the issue of rice trade, Korea and the U.S. failure of the parties to resolve their differences. .However, to achieve a bilateral trade is expected to give billions of dollars each year on the FTA agreement, both countries have for the epoch-making significance. .</ P> <P> beef and rice can not have both </ P> <P> the United States and South Korea has confirmed yesterday that they have successfully concluded a free trade agreement. .This is the United States in 1993, the North American Free Trade Agreement signed by the largest trade agreement since, but also South Korea's largest trade agreement ever. .The agreement between the two countries yet to be formally approved by the legislature. .South Korea is the seventh largest U.S. trading partner, bilateral trade volume reached 74 billion U.S. dollars in 2006. .It is estimated that the Korea-US FTA agreement to fully implement the bilateral trade volume is expected to make in the coming years to reach 100 billion U.S. dollars. .</ P> <P> calculated according to the U.S. International Trade Commission, if the terms of the original FTA is fully implemented, U.S. exports to South Korea every year to grow 19 billion U.S. dollars, but will also help to reduce South Korea to the United States each year 9.5 billion dollar trade .surplus. .The Republic of Korea, the full implementation of the FTA agreement is expected to increase South Korea's annual exports to the U.S. 100 million. .</ P> <P> However, to fully deliver the expected benefits in the short term there may be difficult, because the agreement than the original plan to play some "discount", which is the most important rice trade. .</ P> <P> Korea's food industry, especially the strict protection of rice by South Korea for about half of agricultural output comes from rice, but South Korea's rice price has reached more than three times China's. .Thus, while the United States urged South Korea open its markets to U.S. rice production, but ultimately failed to do so. .The two countries economists predicted that if the rice out of the outside of the FTA, the agreement may be brought to Korea, about one-third of potential economic growth will not become a reality. .</ P> <P> exchange, the ROK agreed to drop up to 3 years of U.S. beef import ban. .It is estimated that, if fully open Korean markets to U.S. beef is expected to bring annual 10 billion dollars in export revenues. .The two sides also agreed to cancel bilateral auto import tariffs. .And in relation to politically sensitive issue of the Kaesong Industrial Park, the United States has made concessions and agreed to the Kaesong industrial complex as South Korean products manufactured products, not only that, the United States also agreed to South Korea as the Korean free trade economic zone .area. .</ P> <P> appreciation, greater than the protest </ P> <P> may involve the interests of domestic agriculture, the Korea-US FTA has been great resistance. .Just yesterday, South Korea, there are protesters in public self-immolation. .However, on the whole, the Korea-US FTA agreement the two sides for the bilateral recognition, or more than the opposition. .</ P> <P> the first time U.S. President George W. Bush, said the Korea-US FTA will give U.S. farmers, manufacturers and service providers to provide opportunities for export to South Korea and the United States to provide consumers with wider choices, .help to further enhance the United States and South Korea's "ties and partnership." .</ P> <P> South Korean President Roh Moo-hyun yesterday said that the Korea-US FTA to make the Korean economy to lay the foundation for advanced level, he welcomes it. .Roh also special arrangements for all citizens in a speech last night to clarify the talks to reach a compromise on the specific position, and on how agriculture and the service industry may be affected to explain the policy to make up. .South Korean business people concerned about the economy and industry groups responsible for the same people who welcomed the new agreement. .</ P> <P>.