Accord Key to Sustainable Economic Development

The US and South Korea have finalized negotiations on a free-trade agreement, which must be ratified by legislatures in both nations. Meanwhile, opponents in both countries organize, complaining that free trade could disrupt the economies of either nation, increasing income gaps or competition for specific sectors. Opponents in South Korea in particular fear that their nation could become a mere “satellite” to a powerful US economy, suggests this Korea Times essay. Yet analyst Lee Jun-kyu notes that history demonstrates how free trade allows economies to flourish. “Starting off as one of the poorest countries in the world, Korea stands now on the doorstep of becoming a major advanced country,” he writes. Lee concludes that arduous negotiations have ensured sustainable and ample opportunity for both nations. – YaleGlobal