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KMID : 0896220060260010195
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Journal of Daegu Health College
2006 Volume.26 No. 1 p.195 ~ p.212
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The Financial Sector on the Korea-U.S. FTA in Korea
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Lee Sang-Ho
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Abstract
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The Free Trade Agreement between Korea and the United States would promote economic reform and economic growth in the Republic of Korea. It should open more markets in Korea, removing a host of barriers such as restrictions on foreign investment. But the FTA will also help by promoting service sector deregulation, particularly in financial services, but also in other key service sectors. The United States has raised the question of equity between the insurance by Korea Post and products by private insurers, bancassurance, negative method for financial services and cross-border transactions. Since Korea’s financial firms are far behind their U.S. rivals in skins and know- how to develop new products, there has been a concern that this would deal a blow to local financial companies.
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