Korean 'free trade' deal duplicates NAFTA

[Joanne98]

There's much to figure out in the new 'free trade' deal (pdf) that Obama is eager to ink on behalf of his hoped-for 2012 campaign contributors, but Jane Hamsher points us to this:


The Korea FTA text contains the extreme investor rights that promote offshoring; the private enforcement of those rights that had led to serial attacks on domestic environmental, health, and other safeguards; a ban on Buy America; limits on financial service regulation ( recall, this is a 2007 pre-crisis text with all of the crazy extreme dereg language of past Bush FTAs) and more of the most damaging NAFTA-style provisions Obama promised to fix.
"Extreme investor rights" — has a nice ESPN ring to it; extreme sports for the golf-and-Viagra crowd.

That's extreme foreign investor rights, by the way. Obama on the campaign trail:

"With regards to provisions in several FTAs that give foreign investors the right to sue governments directly in foreign tribunals, I will ensure that foreign investor rights are strictly limited and will fully exempt any law or regulation written to protect public safety or promote the public interest. And I will never agree to granting foreign investors any rights in the U.S. greater than those of Americans."
Now, not so much. Jane adds (my emphasis):

The trade deal is seen as a sop to Korea so the US can maintain a military presence in the region. ... Hillary Clinton has been pushing hard for the agreement, and its ratification is the fondest wish of the Chamber of Commerce. ... It would be a truly horrific blow to whatever is left of American manufacturing at a time when unemployment is rampant. But from a political standpoint, fighting for another so-called “free trade” agreement right now has got to represent some kind of death wish for the Democratic party. I don’t have any other way to explain it.
A nice tight package of things to keep in mind:

http://www.americablog.com/2010/11/korean-free-trade-deal-duplicates-nafta.html

[DCKit]

1. It's a shame they didn't have a disastrous example to learn from.

In twenty years (fewer?) will we be hearing "Who could have seen this coming?" from the Korean government?

[dawg]

2. S. Korea is much closer to being a first world country ...

than Mexico. If done right, this could be a win-win.

[madrchsod]

3. korea is losing business to china and india.

beginning in the 70`s korea was the first country american business moved to. the lure of cheap labor and military dictatorship was to good to pass up. now the country has many industries are unionized and the standard of living is about the same as the usa. i think it COULD BE a good deal for both countries. the devil is in the details when it comes to trade agreements.