The Korea Herald

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Korean exporters upbeat about U.S. FTA: poll

By Korea Herald

Published : June 12, 2012 - 19:05

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Most South Korean exporters are upbeat about the benefits of the free trade pact with the United States that went into effect more than three months ago, a poll showed Tuesday.

The survey on 400 local exporting companies by the Korea Chamber of Commerce and Industry showed 72.6 percent of all respondents saying the free trade agreement has exerted positive influence on their business, with just 2.9 percent expressing negative views. The remaining 24.5 percent said they were not certain about the FTA’s effects so far.

Of those that said the trade pact, also called the KORUS FTA, helped their businesses, 59.1 percent said there was an increase in prospective buyers asking for products and commercial negotiations, with 5.5 percent saying there was an actual increase in outbound shipments.

The survey showed that 43.8 percent of companies said they have expanded or plan to increase U.S. market presence, although 56.2 percent said they are not gearing up to enter the large North American market at present.

Companies said while the FTA, which went into effect on March 15, is generally beneficial, 71.5 percent said they were having a hard time coping with the country-of-origin rules, with 52.4 percent complaining about the lack of a network to effectively make inroads into the U.S. market.

The latest survey, meanwhile, showed 67 percent of ordinary people holding favorable views about the KORUS FTA, far outnumbering negative views that stood at 13.0 percent.

Those that supported the agreement expected the FTA to help fuel economic growth and create more job opportunities in the country, said the KCCI survey carried out on 500 people. (Yonhap News)