The KORUS FTA and the Creative Industries
Kevin Rosenbaum wrote a blog piece, "The KORUS FTA and the Creative Industries," for The Peninsula that was published on May 7, 2018.
The Peninsula blog is a project of the Korea Economic Institute. It is designed to provide a wide ranging forum for discussion of the foreign policy, economic, and social issues that impact the Korean peninsula.
From the article...
"Enhanced bilateral trade and investment under the Korea-U.S. Free Trade Agreement (KORUS) has positively impacted the U.S. copyright industries—producers of literary works, music, movies and TV programming, and video games and software—in several ways. As an initial matter, it is important to understand the contribution of these vital industries to the U.S. economy. The core copyright industries combined, according to a December 2016 study, generate over $1.2 trillion of economic output, accounting for nearly 7% of the entire U.S. economy; and employ over 5.5 million workers – in high paying jobs – accounting for almost 4% of the entire U.S. workforce. Their foreign sales and exports grew from $147 billion in 2012 to $177 billion in 2015, reflecting extraordinary growth in the timeframe since KORUS entered into force and significantly exceeding foreign sales of other major U.S. industries.
