The Hill News

The sudden death of the North Korean leader Kim Jong Il has brought a new dimension of uncertainty and anxiety to the Korean peninsula and the adjacent region.  In the minds of policymakers from South Korea and other countries lies one critical question: what’s next? It is high time that these countries systematically reexamine their options on (and off) the table. They have to prepare for the long-term. Free trade is one of the cardinal considerations in this big picture.
 
This year both the South Korean Parliament and the U.S. Congress passed the long-stalled Korean â€" U.S. FreeTrade Agreement (KORUS FTA). Although this pact is expected to herald an era of mutual prosperity to both countries, little is known as to another potential for a bigger diplomatic-economic success: The KORUS FTA may offer North Korea powerful incentives to behave.
 
Unbeknownst to many outsiders, both Koreas are quietly conducting a small-scale capitalist experiment wi! thin the North Korean territory.

Read more...