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News Link • Philosophy: Fascism

Corporate Win, Loss for the 99%: U.S.-Korea Free Trade Agreement Takes Effect

• http://www.commondreams.org, Common Dreams staff
 The U.S.- Korea Free Trade Agreement (KORUS) takes effect today, and is being met with heated protests over the deal's rewarding the interests of big business while crushing the 99%. Messaging that the agreement will create jobs has been slammed as "some rosy fantasy" fabricated by multinational corporations.
 
The deal means that almost 80 percent of U.S. exports of industrial products to Korea are now duty-free and nearly two-thirds of U.S. exports of agricultural products to Korea are now duty-free.
 

The agreement was originally signed in July 2007 but was approved by the US Congress only last October, after a partial renegotiation to address US auto industry complaints.

South Korea's parliament approved it last November despite vehement protests from opposition lawmakers, one of whom exploded a tear gas canister in the assembly.

Critics say the deal is lop-sided and serves big business at the expense of South Korea's farmers and service industries.

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