More Korean firms applying for trade adjustment assistanceUpdated: 2014-05-04 15:36:35 (KST)
Not everyone's a winner when more free trade deals are signed.
More and more Korean companies whose businesses have been adversely affected by free trade agreements are asking for government assistance.
A new report by the Ministry of Trade, Industry and Energy shows that 52 companies have signed up for government support since the introduction of Trade Adjustment Assistance in 2007.
The number has spiked noticeably in recent years.
Just three companies asked for help in 2008,13 in 2012, and then it jumped to 31 companies in 2013.
The report found 39 companies were deemed to have been adversely affected by inked trade deals and the amount of government assistance provided was around 9.3 million dollars.
To better assist these businesses, the Korean government is looking for ways to lower interest rates and simplify the process of filing for Trade Adjustment Assistance.
Reporter : firstname.lastname@example.org
I TOLD YOU SO! I've been saying that free trade wasn't fair trade. The 10 year Free Trade Agreement between Chile and Korea is an example. After 10 years Chile is the winner and most small and medium Korean businesses haven't benefited. These free trade agreements are part of Satan's New World Order towards global integration.