The US South Korea Free Trade Agreement (KORUS) was signed in 2007 and went into effect in 2012. The agreement aimed to eliminate tariffs on goods and services traded between the two countries, increase market access, and promote economic growth. However, like any trade deal, KORUS has its pros and cons.

Pros of KORUS:

1. Improved Market Access: KORUS has significantly improved market access for US companies in South Korea. Before the agreement, many US products faced high tariffs or other barriers. Since the agreement, tariffs on 95% of US goods have been eliminated, making it easier for US firms to export to Korea.

2. Boosted Exports: US exports to South Korea have increased significantly since KORUS went into effect. In 2007, the US exported $26.2 billion in goods and services to Korea. By 2019, that figure had increased to $62.2 billion.

3. Bilateral Investment: KORUS also encouraged bilateral investment between the two countries. Since the agreement, US foreign direct investment in Korea has increased by over 80% and Korean foreign direct investment in the US has increased by over 20%.

Cons of KORUS:

1. Trade Imbalance: Despite the significant increase in US exports to Korea, there is still a trade imbalance. In 2019, the US had a $14.9 billion trade deficit with Korea. Critics argue that this is because Korea still maintains non-tariff barriers that make it difficult for US firms to compete.

2. Job Losses: Many US workers and unions opposed KORUS, arguing that it would lead to job losses due to increased competition from Korean firms. While the agreement did lead to some job losses in industries like textiles and auto manufacturing, advocates argue that it has created more jobs in other sectors.

3. Intellectual Property Concerns: KORUS has been criticized for not adequately protecting US intellectual property in Korea. Some US companies have complained about difficulties in enforcing patents and trademarks in Korea.

In conclusion, KORUS has had both positive and negative effects on the US-South Korea trade relationship. While the agreement has improved market access and boosted exports, it has also led to a trade imbalance and raised concerns about job losses and intellectual property protection. As with any trade deal, it is important to weigh the pros and cons before making a judgment.