ITC TO STUDY EFFECTS OF U.S./KOREA FREE TRADE AGREEMENT

ITC TO STUDY EFFECTS OF U.S./KOREA FREE TRADE AGREEMENT    The U.S. International Trade Commission has started a general fact-finding investigation to study the economic impact of a free trade agreement between the United States and Korea.
   The investigation, U.S.-Korea FTA: The Economic Impact of Establishing a Free Trade Agreement (FTA) between the United States and the Republic of Korea (Inv. No. 332-425), was requested by the Senate Finance Committee in a letter received by the ITC on Dec. 18.
   The report will include an overview of the Korean economy and its economic relationship to the United States, including discussion of important industry sectors in both countries; tariff and non-tariff barriers; and possible effects of eliminating tariff and non-tariff barriers, with special attention to agricultural goods. The ITC will be sent to the Senate Finance Committee on Sept. 18.
   The Senate Finance Committee said the Korea report will be the first in a series of reports that it expects to request from the ITC over the next several months.