Ford Seeks Changes to U.S. and Korea Trade Agreement

Ford has sought changes to an agreement between the United States and South Korea. Ford's latest F-Series can be test driven from a F-Series Inventory. The agreement was signed during the South Korea - United States Free Trade Agreement. Volkswagen sells its vehicle models to both the United States and Korean and Arizona VW sells many different VW models. The agreement was signed on June 30, 2007. It was before the deadline for President George Bush to use his fast-track authority on trade. Hartford Honda Dealers sell Honda models which are very popular both in the United States and large Korean automobile market.

The purpose of the agreement was to lift tariffs on various goods. There were other agreements listed such as protection for multinational corporations and some other terms. There were intellectual property terms and other restrictions for automobile as well as beef trade between the United States and Korea.

Ford has made an announcement that they seek to change these restrictions so that they can have a larger access to the estimated $30 billion South Korean vehicle industry. Ford has ties to President Obama with Ford's CEO sitting on a board that is involved with increasing United States exports, so there is a good chance that Ford may be able to alter the agreement.

Ford believes that altering the agreement not just to allow Ford but also other United States automakers to sell vehicles to Korea would cause a large increase in U.S. exports and auto sales, which would thus contribute to the economy. Ford does not want any particular quota or share of the market, but rather more of a general access to the market which has a lot of potential for vehicle sales.

Ford and other companies opposed the agreement which was signed years ago, and as a result the agreement might be changed depending on whether Obama feels that there should be alterations for Ford and other manufacturers.