The bilateral agreement has enabled China and South Korea an increase in trade and an increase in trade deficit for the United States; what are the advantages and disadvantages for the United States to continue these relationships with the bi-lateral agreements?
2. With regards to the various agreements/treaties discussed, EU, WTO, NAFTA, CARICOM, APEC, MERCOSUR and ASEAN:
Discuss any pending applications, candidate countries, or associate members.
What are the advantages/implications for trade within the trading group and for the United States?
Determine the GDP and GNP of those pending countries.
Based upon your assessment, do you think these countries should become full members of the FTAs they have applied to? Why, or why not?