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NYT: KORUS FTA to Have 'Negligible' Effect on US Jobs

Written: 2010-12-09 07:46:48Updated: 2010-12-09 09:52:31

NYT: KORUS FTA to Have 'Negligible' Effect on US Jobs

The New York Times says few new jobs are expected to be created in the short term from the U.S. free trade agreement (FTA) with South Korea.

The daily cited a U.S. federal study done in 2007 when the FTA was first signed as saying that the pact is likely to result in little if any net job creation in the short run.

The study said the effect of the agreement on aggregate output and employment in the U.S. “would likely be negligible" largely because the U.S. economy is so much larger than South Korea's.

But the study conducted by the U.S. International Trade Commission said the deal is likely to be beneficial to particular industries, including Detroit automakers and manufacturers of industrial and electronic equipment and high-technology products like pharmaceuticals and medical devices.

American manufacturers of textiles and clothing, the article says, will be hurt by the deal.

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