ITC launches research on impact of Korea-US FTA

The U.S. International Trade Committee (ITC) has begun research on the international effects of a Korea-U.S. Free Trade Agreement (FTA), if such a pact were signed.

According to the Washington trade office of the Korea Trade-Investment Promotion Agency (KOTRA) Sunday, ITC plans to finish the research work by Sept. 18, after holding public hearings on May 17.

Major aims of the investigation are to get a sense of the present situation, including the state of economic cooperation efforts between the two countries, major trade barriers, and the economic effect of removing trade barriers in the tariff, non-tariff, and other fields.

The ITC reportedly plans focus its investigation on the effect of removing Korea¡¯s import barriers on agricultural products.

An official at the trade office said of the background for the ITC¡¯s investigation: ¡°Amid moves by major Asian countries, including Korea, China, and Japan, to conclude a regional pact, the United States has been growing increasingly concerned about the possibility of losing its market."

Chong Yon-Tae ebizwiz@donga.com