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    Alyha`jsagnp gb Hamd}jha{ano Fg}dj,T.P. S}jcd an sed Jtsglgmahd Pd`sg};Ygsdnsajh Alyj`s gb sed Fg}dj,T.P. B}dd S}jcd Jo}ddldnsmq Pjno,qa}h Njl

    Sed jtsglgmahd anctps}q ap j cqnjla` jnc paona`jns

    pd`,sg} an lgps gb sed ljkg} d`gngladp an sed wg}hc. As

    ap `hgpdhq }dhjsdc sg rj}agtp gsed} ljntbj`st}ano pd`sg}p

    pt`e jp }tmmd}( yhjpsa`( jnc edla`jhp6 bjm}a`p6 psddh6 jnc

    ld`ejna`jh( dhd`s}a`( jnc dhd`s}gna` dztayldns. ]d`dnshq

    sed jtsglgmahd anctps}q ejp mddn ljfano y}go}dpp sg,

    wj}c bt}sed} dnra}gnldnsjh b}adnchandpp( dnd}oq db

    ,`adn`q( jnc yjppdnod} pjbdsq wase sed tpd gb anbg}ljsagn

    jnc `glltna`jsagn sd`enghgoq. Sed jtsglgmahd anctps}q

    j``gtnsp bg} j paona`jns pej}d gb wg}hc s}jcd jp wdhh. An

    jccasagn( sed wg}hc jtsglgmahd anctps}q ap duyd}adn`ano

    ps}t`st}jh ejnodp( j bj`s sejs ap j ljssd} gb o}djs gn`d}n

    an wg}hc s}jcd jnc sed wg}hcp d`gngladp.

    Fg}djp jtsglgmahd anctps}q ejp cdrdhgydc }jyachq6

    edn`d( asp duyg}sp ejrd an`}djpdc paona`jnshq ct}ano sed

    yjps se}dd cd`jcdp g} pg. Asp alyg}sp( egwdrd}( ejrd ngs

    o}gwn aly}dppardhq drdn gnpacd}ano sed }jyac o}gwse an

    Fg}djp cgldpsa` lj}fds bg} jtsglgmahdp. Seap pastjsagnejp odnd}jsdc ljkg} s}jcd `gn`d}np jnc sdnpagn mdswddn

    Fg}dj jnc sed Tnasdc Psjsdp. Rj}agtp dbbg}sp ejrd mddn

    ljcd sg pghrd sed y}gmhdlp mahjsd}jhhq.

    Sed b}dd s}jcd jo}ddldns mdswddn Fg}dj jnc sed Tnasdc

    Psjsdp %sed FG]TP BSJ!ndogsajsagnp wd}d `gn`htcdc

    an Jy}ah =99?ap duyd`sdc sg `gns}amtsd sg odnd}jh pg,

    htsagnp sg sed jtsg,anctps}q y}gmhdlp mdswddn sed swg

    `gtns}adp md`jtpd sed jo}ddldns gnsjanp gly}dednpard

    s}jcd hamd}jha{jsagn jnc cd}dothjsagn ldjpt}dp.

    Sed yt}ygpd gb seap yjyd} ap sg }dradw s}dncp jnc ljkg}apptdp an ansd}njsagnjh s}jcd an sed jtsglgmahd anctps}adp

    an Fg}dj jnc sed Tnasdc Psjsdp b}gl sed radwygans gb

    mahjsd}jh s}jcd( jnc sedn sg dujland seda} alyha`jsagnp jnc sed

    ygsdnsajh alyj`s gb sed FG]TP BSJ.

    Sed Jtsglgmahd Pd`sg}

    _g}hc S}jcd an sed Jtsglgmahd Pd`sg}

    J``g}cano sg sed Ansd}njsagnjh S}jcd @dnsd} %TN@SJC'_SG!

    cjsjmjpd( sed rjhtd gb jtsglgmahdp jnc seda} yj}sp %EP 5? rdea

    `hdp gsed} sejn }jahwjq( s}jlwjq6 ed}djbsd} jtsglgmahd pd`sg}!

    jlgno wg}hc duyg}sp jlgtnsdc sg #111.2 mahhagn jnc j``gtnsdc

    bg} 5.5 yd}`dns gb joo}dojsd wg}hc ld}`ejncapd s}jcd an =994

    %Sjmhd :!. Sed Tnasdc Psjsdp g``tyadc sed sea}c hj}odps pej}d

    jmgts 1.: yd}`dns( gb wg}hc jtsglgmahd pd`sg} duyg}sp( bghhgw

    ano Od}ljnq %wase :5.? yd}`dns! jnc Kjyjn %:0.5 yd}`dns! an

    sed pjld qdj} %Sjmhd =!. Fg}dj }jnfdc sed daoese hj}odps( wase

    jmgts 3.: yd}`dns gb wg}hc jtsglgmahd pd`sg} duyg}sp an =994.

    Bg} alyg}sp( sed Tnasdc Psjsdp }jnfdc sed

    }ps wase ==.2 yd}`dngb sed wg}hcp jtsglgmahd pd`sg} alyg}sp( bghhgwdc mq Od}ljnq

    %?.2 yd}`dns!( sed Tnasdc Fanocgl %2.2 yd}`dns!( jnc @jnjcj

    %2.9 yd}`dns!. An sd}lp gb nds s}jcd g} s}jcd mjhjn`d( sejs ap

    duyg}sp hdpp alyg}sp( Kjyjn pegwdc sed hj}odps rjhtd#:::.=2

    mahhagnbghhgwdc mq Od}ljnq %#:9=.:9 mahhagn!( Fg}dj %#00.09

    mahhagn! jnc @jnjcj %#:9.02 mahhagn!.

    Nds s}jcd jn md s}jnpbg}ldc ansg jn ancdu; %VU,L\' VU&L\+:99

    jp an Sjmhd :. Jlgno sed sgy =9 hj}odps duyg}sd}p an sed jtsg,

    lgmahd pd`sg}( sed nds s}jcd ancdu ap sed hj}odps an Kjyjn %59.9!

    bghhgwdc mq Fg}dj %?1.1!( M}j{ah %35.:!( jnc Od}ljnq %3=.5!

    jnc as ap sed pljhhdps an sed Tnasdc Psjsdp %,3:.1!( bghhgwdc mqsed TF %,==.?!( Asjhq %,:5.3!( jnc sed Ndsed}hjncp %,:0.5!.

    C}. Pjno,qa}h Njlp yjyd} ap sed dhdrdnse an FDAp J`jcdla` Yjyd} Pd}adp( wea`e mdojn an Cd`dlmd} =992. Jp yj}s gbasp J`jcdla Yjyd} Pd}adp( FDA `gllappagnp jnc ytmhapedp 1 sg :9 yjyd}p yd} qdj} gn g}aoanjh ptmkd`sp gb `t}}dns ansd},dps sg Fg}dj wjs`ed}p( wea`e FDA caps}amtsdp sg grd} =(999 ogrd}nldns gb`ajhp( seanf sjnf duyd}sp( jnc p`eghj}p j}gtncsed Tnasdc Psjsdp jnc sed wg}hc. J ytmha` cap`tppagn js FDA wase sed jtseg} odnd}jhhq bghhgwp ytmha`jsagn. An Bdm}tj}q=995( FDA ytmhapedc asp }ps `ghhd`sagn gb FDA J`jcdla` Yjyd}p an Gn Fg}dj( Rghtld :. Sg g}cd} j ej}c `gyq gb GnFg}dj( yhdjpd rapas FDAp wdmpasd js www.fdaj.g}o6 wed}d YCB,rd}pagnp j}d jhpg jrjahjmhd bg} cgwnhgjc.

    Bdm}tj}q =995 Rghtld 0 Ntlmd} :

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    Sjmhd :; _g}hc S}jcd an sed Jtsglgmahd Pd`sg}

    %EP 5?!( =994( an lahhagnp gb cghhj}p

    @gtns}q

    Duyg}sp

    %U!

    Alyg}sp

    %L!

    Nds s}jcd

    %UL!

    Nds

    s}jcd

    ancdu

    %VU

    L\'VU&

    L\+:99!

    _g}hc 111(449.1 199(9=:.: 1(4=1.5 9.4

    Od}ljnq :?9(390.3 25(094.9 :9=(915.3 3=.5

    Kjyjn :=4(:=4.5 :0(524.2 :::(=29.= 59.9

    TnasdcPsjsdp

    50(:29.2 =90(=3?.1,

    :=9(95?.0,3:.1

    @jnjcj 23(220.2 43(09=.2 :9(02:.: 5.?

    B}jn`d 41(250.= 4:(144.= ?(?=5.9 2.1

    Mdhoatl 3:(315.9 03(==5.? ?(=21.0 1.2

    Pyjan 3:(053.? 34(0=5.9 ,0(130.0 ,3.4

    Fg}dj 0?(31:.= 3(:10.= 00(=15.: ?1.1

    TnasdcFanocgl

    0?(0:2.? 41.=41.2 ,=:(13=.1 ,==.?

    Ldua`g 0=(91=.3 ==(930.5 :9(935.? :5.2

    Asjhq 09(=52.= 30(1?:.? ,:0(254.4 ,:5.3

    Pwdcdn :5(992.? :=(=99.? 4(592.9 :1.=

    @eanj :2(413.3 :=(091.: 3(=54.3 :3.5

    Jtps}aj :0(121.09 :0(5?1.99 19.09 9.0

    @{d`e

    ]dytmha`:=(593.=9 2(24:.19 2(:4=.09 0:.2

    Ndsed}hjn

    cp:=(?9?.29 :2(??3.:9 ,3(922.49 ,:0.5

    Yghjnc ::(244.09 5(502.=9 =(5:1.:9 :0.5

    M}j{ah ::(40:.=9 3(939.19 ?(319.39 35.:

    St}fdq 1(422.39 :9(44=.59 ,152.39 ,3.1

    Sejahjnc 5(:4=.09 3(904.?9 3(::2.49 00.5

    Pgt}`d; Ansd}njsagnjh S}jcd @dnsd} %TN@SJC'_SG! cjsjmjpd(

    essy;''www.ans}j`dn.g}o. Ngsd; EP 5? }dbd}p sg rdea`hdp gsed}

    sejn }jahwjq g} s}jlwjq }ghhano psg`f( jnc yj}sp jnc j``dppg}adp

    sed}dgb.

    An ptl( sed jtsglgmahd pd`sg} duyhjanp j paona`jns yg},

    sagn gb wg}hc ld}`ejncapd s}jcd. _g}hc s}jcd an sed jt,

    sg,lgmahd pd`sg} ap `gn`dns}jsdc gn j pljhh ntlmd} gb

    `gtn,s}adp. Lg}d pyd`a`jhhq( sed sgy se}dd sg rd `gtn,

    s}adp j``gtns bg} 39 sg 49 yd}`dns gb sed wg}hcp duyg}sp

    jnc alyg}sp an sed jtsglgmahd pd`sg}. An jccasagn( ljkg}

    yhjqd}p j}d `hdj}hq caracdc mq wedsed} sedq j}d duyg}s,

    g}adnsdc `gtns}adp %Kjyjn( Od}ljnq( jnc Fg}dj! g} al,

    yg}s,g}adnsdc `gtns}adp %sed Tnasdc Psjsdp( sed TF( jnc

    Asjhq! an sd}lp gb nds s}jcd g} s}jcd mjhjn`d.

    Mdswddn =99: jnc =994( Od}ljnq( Fg}dj( sed TF( Pwd,

    cdn( @eanj( Jtps}aj( sed @{d`e ]dytmha`( Yghjnc( M}j{ah(

    St}fdq( jnc Sejahjnc duyd}adn`dc jn an`}djpd an jtsg,

    lgmahd duyg}sp jnc jn an`}djpd an seda} nds s}jcd pej}d an

    sed wg}hc lj}fds %Sjmhd =!. An `gns}jps( sed Tnasdc Psjsdp(

    @jnjcj( B}jn`d( Mdhoatl( Pyjan( Ldua`g( jnc Asjhq pjw

    seda} duyg}sp jnc nds s}jcd pej}d cd`}djpano an sed wg}hc

    jtsglgmahd duyg}sp lj}fds ct}ano sed pjld yd}agc. Grd},

    Sjmhd =; _g}hc S}jcd an sed Jtsglgmahd Pd`sg} %EP

    5?!( Pej}d gb @gtns}adp( =99: jnc =994( yd}`dnsjod

    @gtns}q

    Duyg}sp %U! Alyg}sp %L! Cabbd}dn`d %UL!

    =99: =994 =99: =994 =99: =994

    Od}ljnq :?.1 :5.? ?.4 ?.2 :9.3 ::.:

    Kjyjn :3.? :0.5 :.? :.4 :0.9 :=.0

    Tnasdc

    Psjsdp:9.2 1.: =5.5 ==.2 ,:5.= ,:0.4

    @jnjcj 1.2 ?.: 2.5 2.9 =.5 :.:

    B}jn`d 2.5 2.2 4.4 4.5 :.0 9.5

    Mdhoatl 4.= 3.2 3.9 0.5 :.= 9.5

    Pyjan 3.5 3.2 3.3 4.9 9.3 ,9.3

    Fg}dj =.5 3.: 9.0 9.4 =.4 0.2

    TnasdcFanocgl

    0.5 3.: ?.9 2.2 ,0.= ,=.4

    Ldua`g 4.9 0.4 0.9 =.3 =.9 :.:

    Asjhq 0.2 0.0 3.5 3.1 ,:.= ,:.2

    Pwdcdn :.2 =.9 :.: :.3 9.4 9.2

    @eanj 9.1 :.5 9.5 :.3 9.: 9.3

    Jtps}aj :.= :.4 :.3 :.4 ,9.= 9

    @{d`e]dytmha`

    :.9 :.3 9.4 9.? 9.4 9.?

    Ndsed}hjncp :.2 :.3 =.= :.1 ,9.2 ,9.4

    Yghjnc 9.2 :.0 9.? :.9 ,9.: 9.0

    M}j{ah 9.5 :.0 9.? 9.3 9.: 9.1

    St}fdq 9.3 :.: 9.0 :.= 9.: ,9.:

    Sejahjnc 9.4 9.1 9.3 9.3 9.: 9.4

    Pgt}`d; Ansd}njsagnjh S}jcd @dnsd} %TN@SJC'_SG! cjsjmjpd(

    essy;''www.ans}j`dn.g}o. Ngsd; EP 5? }dbd}p sg rdea`hdp gsed}

    sejn }jahwjq g} s}jlwjq }ghhano psg`f( jnc yj}sp jnc j``dppg}adp

    sed}dgb.

    jhh( pgld Jpajn gtns}adp jnc djpsd}n Dt}gydjn gtns}adp

    duyjncdc seda} lj}fds pej}d js sed duydnpd gb s}jcasagnjhljkg} ptyyhad}p an Ng}se Jld}a`j jnc Dt}gyd( pt`e jp

    sed Tnasdc Psjsdp( B}jn`d( jnc Asjhq.

    Ansd}njsagnjh s}jcd an sed jtsglgmahd pd`sg} jn md caracdc

    ansg swg ljkg} ptm`jsdog}adp; yjppdnod} `j}p %EP 5?90!(

    jnc yj}sp jnc j``dppg}adp bg} jtsglgmahdp %EP 5?95!.=

    Od}ljnq( Kjyjn( B}jn`d( jnc Fg}dj wd}d paona`jnshq

    duyg}s g}adnsdc an mgse yjppdnod} `j}p( jnc yj}sp jnc j`,

    `dppg}adp bg} jtsglgmahdp an =994 %Sjmhd 0!. An `gns}jps(

    sed Tnasdc Psjsdp( sed TF( jnc sed Ndsed}hjncp j}d alyg}s

    g}adnsdc an mgse yjppdnod} j}p( jnc yj}sp jnc j``dppg}adp

    bg} jtsglgmahdp. @jnjcj( Mdhoatl( Pyjan( Ldua`g( jncPwdcdn j}d duyg}s g}adnsdc an yjppdnod} `j}p mts alyg}s

    g}adnsdc an yj}sp jnc j``dppg}adp bg} jtsglgmahdp.

    Mq cdngsano sed `gtns}q pej}d gb wg}hc s}jcd an yjppdn,

    od} `j}p jnc an yj}sp jnc j``dppg}adp gb jtsglgmahdp an

    =994( wd `jn acdnsabq ljkg} yhjqd}p an sed wg}hc lj}fds

    lg}d hdj}hq %Sjmhd 3!. J bdw `gtns}adp duyhjan sed ljkg}

    yg},sagn gb sed wg}hc lj}fds gb mgse yjppdnod} `j}p( jnc

    yj}sp jnc j``dppg}adp bg} jtsglgmahdp. @gtns}adp `jn md

    =

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    `hjppadc jp duyg}s g}adnsdc g} alyg}s g}adnsdc mq ptm,

    `jsdog}adp.

    Sjmhd 0; _g}hc S}jcd an Yjppdnod} @j}p( jnc Yj}sp

    jnc J``dppg}adp bg} Jtsglgmahdp( =994( an lahhagnp gb

    cghhj}p

    @gtns}q

    Yjppdnod} `j}p %EP 5?90! Yj}sp jnc j``dppg}adp %EP 5?95!

    Duyg}sp Alyg}sp Nds s}jcd Duyg}sp Alyg}sp Nds s}jcd

    Od}ljnq :95(254.4 02(253.4 ?=(99:.9 00(92:.4 =9(3=9.? :=(239.5

    Kjyjn ?1(?21.0 5(:94.3 ?:(220.1 =4(=??.3 0(?10.1 =:(350.4

    Tnasdc Psjsdp 0:(=??.= :=4(29=.1 ,13(0=4.? 0:(:5?.2 3=(2=0.= ,::(304.2@jnjcj 0?(=99.5 =9(950.4 :?(::?.0 :0(394.0 =9(=00.4 ,2(5=5.=

    B}jn`d 00(513.9 =2(455.4 ?(094.2 :4(02=.5 :=(253.5 =(2?5.9

    Mdhoatl =5(101.1 :1(=21.: 1(2?9.5 2(:19.9 1(=23.4 ,0(9?3.4

    Pyjan =3(955.= =0(9=3.5 :(920.3 :9(420.5 :3(1=0.: ,3(041.0

    Fg}dj =?(=42.: :(0?9.9 =4(552.: ?(?:1.9 =(:1?.: 4(4=:.1

    Tnasdc Fanocgl =3(:=3.5 04(049.: ,::(==4.0 ?(203.2 :0(:21.= ,4(403.2

    Ldua`g :0(393.3 ?(539.= 4(423.= 1(?55.= :9(2:=.= ,5=3.9

    Asjhq ?(5=3.= 09(4?3.= ,==(?49.9 :=(:25.1 4(2::.4 2(44?.3

    Pwdcdn 5(:=2.3 4(=23.2 =(52:.1 0(1=1.1 4(900.2 ,:(:90.5

    Ndsed}hjncp =(?42.? 5(459.1 ,4(5=3.0 =(302.5 0(:25.0 ,?0:.4

    Pgt}`d; Ansd}njsagnjh S}jcd @dnsd} %TN@SJC'_SG! cjsjmjpd(

    essy;''www.ans}j`dn.g}o. Ngsd; EP 5?90 }dbd}p sg lgsg} `j}p jnc

    gsed} lgsg} rdea`hdp( an`htcano psjsagn wjognp jnc }j`ano `j}p(

    y}an`ayjhhq cdpaondc bg} sed s}jnpyg}s gb yd}pgnp6 EP 5?95 }dbd}p sg

    yj}sp jnc j``dppg}adp gb lgsg} rdea`hdp gb edjcanop 5?9: sg 5?94

    %bg} bt}sed} jsdog}adp( pdd ngsd bg} Sjmhd 1!.

    Sjmhd 3; _g}hc S}jcd an Yjppdnod} @j}p( jnc Yj}sp

    jnc J``dppg}adp bg} Jtsglgmahdp( Pej}d gb @gtns}adp(

    =994( yd}`dnsjod

    Yjppdnod} `j}p %EP 5?90! Yj}sp jnc j``dppg}adp %EP 5?95!

    Pej}d gb Pej}d gb Pej}d gb Pej}d gb

    wg}hc wg}hc wg}hc wg}hc

    @gtns}q duyg}sp alyg}sp Cabbd}dn`d duyg}sp alyg}sp Cabbd}dn`d

    Od}ljnq ==.3 ?.? :3.? :3.? 1.= 4.4

    Kjyjn :2.3 :.? :3.? ::.= :.? 1.4

    Tnasdc

    Psjsdp2.3 =2.= ,:1.5 :0.1 :1.= ,4.0

    @jnjcj ?.? 3.= 0.4 2.9 1.: ,0.:

    B}jn`d ?.9 4.4 :.4 2.5 4.? :.:

    Mdhoatl 2.9 3.9 =.9 =.5 3.= ,:.3

    Pyjan 4.9 3.5 9.= 3.? 2.? ,=.9

    Fg}dj 4.2 9.0 4.0 0.3 :.9 =.3Tnasdc

    Fanocgl4.9 ?.3 ,=.3 0.3 4.1 ,=.4

    Ldua`g =.5 :.2 :.= 3.3 3.5 ,9.3

    Asjhq :.2 2.3 ,3.5 4.3 =.4 =.1

    Pwdcdn :.? :.: 9.2 :.? =.0 ,9.2

    Ndsed}hjncp 9.2 :.5 ,:.= :.: :.3 ,9.0

    Pgt}`d; Ansd}njsagnjh S}jcd @dnsd} %TN@SJC'_SG! cjsjmjpd(

    essy;''www.ans}j`dn.g}o. Ngsd; EP 5?90 }dbd}p sg lgsg} `j}p jnc

    gsed} lgsg} rdea`hdp( an`htcano psjsagn wjognp jnc }j`ano `j}p(

    y}an`ayjhhq cdpaondc bg} sed s}jnpyg}s gb yd}pgnp6 EP 5?95 }dbd}p sg

    yj}sp jnc j``dppg}adp gb lgsg} rdea`hdp gb edjcanop 5?9: sg 5?94

    %bg} bt}sed} jsdog}adp( pdd ngsd bg} Sjmhd 1!.

    @glyj}jsard Jcrjnsjod an sed Jtsglgmahd Pd`sg}

    Sed glyj}jsard jcrjnsjod gb jn ancaractjh gtns}q `jn

    md ldjpt}dc b}gl asp ansd}njsagnjh s}jcd yd}bg}ljn`dp mq

    sed }drdjhdc `glyj}jsard jcrjnsjod %]@J! ancdu.0 Bg}

    sed jtsglgmahd pd`sg} jp j weghd( tpano =994 cjsj( Kjyjn(

    Pyjan( Od}ljnq( @jnjcj( Ldua`g( B}jn`d( Pwdcdn( jnc

    Fg}dj pegwdc j }dhjsardhq eaoe `glyj}jsard jcrjnsjod(

    wase jn ]@J ancdu }jnoano mdswddn =.3 jnc :.4 %Sjmhd

    4!. Sed Tnasdc Psjsdp( wase jn ]@J ancdu gb :.9( }drdjhdc

    ng `glyj}jsard jcrjnsjod g} capjcrjnsjod. Mgse Asjhq

    jnc sed Ndsed}hjncp pegwdc j glyj}jsard capjcrjnsjod(

    wase ]@J ancdu p`g}dp js 9.1 jnc 9.3( }dpyd`sardhq.

    Sjmhd 4; Duyg}sp jnc ]@J Ancdu an sed Jtsglgmahd

    Pd`sg} %EP 5?!( =994( an lahhagnp gb cghhj}p jnc

    yd}`dnsjod

    Pgt}`d; Ansd}njsagnjh S}jcd @dnsd} %TN@SJC'_SG! cjsjmjpd(

    essy;''www.ans}j`dn.g}o. Ngsdp; ]@J < }drdjhdc `glyj}jsard jc,

    rjnsjod. EP 5? }dbd}p sg rdea`hdp gsed} sejn }jahwjq g} s}jlwjq

    }ghhano psg`f( jnc yj}sp jnc j``dppg}adp sed}dgb.

    Sed ]@J ancdu `jn md dujlandc bg} sed swg ljkg} `js,

    dog}adp gb sed jtsglgmahd pd`sg}( yjppdnod} `j}p( jnc

    yj}sp jnc j``dppg}adp bg} jtsglgmahdp. Bg} yjppdnod}

    `j}p( Kjyjn( Od}ljnq( Pyjan( @jnjcj( Fg}dj( Mdhoatl(

    jnc B}jn`d pegwdc j `glyj}jsard jcrjnsjod( wed}djp

    sed Ndsed}hjncp( Asjhq( jnc sed Tnasdc Psjsdp pegwdc j

    `glyj}jsard capjcrjnsjod %Sjmhd 2!. Bg} yj}sp jnc j``dp,

    pg}adp bg} jtsglgmahdp( Pyjan( Ldua`g( Kjyjn( @jnjcj(

    sed Tnasdc Psjsdp( B}jn`d( Od}ljnq( jnc Asjhq pegwdc j

    `glyj}jsard jcrjnsjod( mts sed Ndsed}hjncp( Mdhoatl(

    jnc sed TF pegwdc j glyj}jsard capjcrjnsjod.

    _d `jn jhpg s}j`d sed }d`dns s}dnc gb `glyj}jsard jc,

    rjnsjod bg} ljkg} duyg}sd}p pt`e jp Od}ljnq( Kjyjn(

    sed Tnasdc Psjsdp( B}jn`d( jnc Fg}dj ct}ano sed yd}agc

    =99:=994. Bg} sed jtsglgmahd pd`sg} jp j weghd( lgps

    gb sed ljkg} duyg}sd}p `jn md gmpd}rdc sg md bt}sed}

    ps}dnosednano seda} glyj}jsard jcrjnsjod( sed lgps pao,

    na`jns mdano Fg}dj jnc B}jn`d %Sjmhd ?!.3 Bg} yjppdn,

    od} `j}p( wd `jn jhpg gmpd}rd bt}sed} ps}dnosednano gb j

    `glyj}jsard jcrjnsjod an lgps gb sed ljkg} duyg}sd}p(

    dpyd`ajhhq Fg}dj( B}jn`d( jnc sed Tnasdc Psjsdp.4 Pgld

    cabbd}dnsajsdc s}dncp `jn md gmpd}rdc an yj}sp jnc j`,

    `dppg}adp. Fg}dj( Od}ljnq( jnc Kjyjn duyd}adn`dc seda}

    ]@J ancdudp an`}djpano wed}djp sed Tnasdc Psjsdp jnc

    B}jn`d pjw seda} ]@J ancdudp cd,`}djpano.2

    0

    @gtns}q Duyg}sp

    Yd}`dnsjod gb

    wg}hc duyg}sp ]@J ancdu

    Od}ljnq :?9(390.3 :5.? =.9

    Kjyjn :=4(:=4.5 :0.5 =.3

    Tnasdc Psjsdp 50(:29.2 1.: :.9

    @jnjcj 23(220.2 ?.: =.9

    B}jn`d 41(250.= 2.2 :.2

    Mdhoatl 3:(315.9 3.2 :.3

    Pyjan 3:(053.? 3.2 =.3

    Fg}dj 0?(31:.= 3.: :.4

    TnasdcFanocgl

    0?(0:2.? 3.: :.:

    Ldua`g 0=(91=.3 0.4 :.?

    Asjhq 09(=52.= 0.0 9.1

    Pwdcdn :5(992.? =.9 :.2

    Ndsed}hjncp :=(?9?.2 :.3 9.3

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    Sjmhd 2; Duyg}sp jnc ]@J Ancdu bg} Yjppdnod} @j}p(

    jnc Yj}sp jnc J``dppg}adp bg} Jtsglgmahdp( =994( an

    lahhagnp gb cghhj}p jnc yd}`dnsjod

    @gtns}q

    Yjppdnod} `j}p %EP 5?90! Yj}sp jnc j``dppg}adp %EP 5?95!

    Duyg}sp

    Yd}`dnsjodgb wg}hc

    duyg}sp ]@J ancdu Duyg}sp

    Yd}`dnsjodgb wg}hc

    duyg}sp ]@J ancdu

    Od}ljnq :95(254.4 ==.3 =.3 00(92:.4 :3.? :.4

    Kjyjn ?1(?21.0 :2. 3 =.5 =4(=??.3 ::.= :.1

    Tnasdc

    Psjsdp0:(=??.= 2.3 9.? 0:(:5?.2 :0.1 :.2

    @jnjcj 0?(=99.5 ?.? =.= :0(394.5 2.9 :.?

    B}jn`d 00(513.9 ?.9 :.? :4(02=.5 2.5 :.2

    Mdhoatl =5(101.1 2.9 :.5 2(:19.9 =.5 9.5

    Pyjan =3(955.= 4.9 =.2 :9(420.5 3.? =.4

    Fg}dj =?(=42.: 4.2 =.9 ?(?:1.9 0.3 :.=

    TnasdcFanocgl

    =3(:=3.5 4.9 :.0 ?(203.2 0.3 9.1

    Ldua`g :0(393.3 =.5 :.0 1(?55.= 3.3 =.:

    Asjhq ?(5=3.= :.2 9.3 :=(:25.1 4.3 :.4

    Pwdcdn 5(:=2.3 :.? :.0 0(1=1.1 :.? :.3

    Ndsed}hjncp =(?42.? 9.2 9.= =(302.5 :.: 9.0

    Pgt}`d; Ansd}njsagnjh S}jcd @dnsd} %VAS@\( TN@SJC'_SG! cjsj,

    mjpd( essy;''www.ans}j`dn.g}o. Ngsdp; ]@J < }drdjhdc `glyj}jsard

    jcrjnsjod. EP 5?90 }dbd}p sg lgsg} j}p jnc gsed} lgsg} rdea`hdp(

    an`htcano psjsagn wjognp jnc }j`ano `j}p( y}an`ayjhhq cdpaondc bg}sed s}jnpyg}s gb yd}pgnp6 EP 5?95 }dbd}p sg yj}sp jnc j``dppg}adp

    gb lgsg} rdea`hdp gb edjcanop 5?9: sg 5?94 %bg} bt}sed} `jsdog}adp(

    pdd ngsd bg} Sjmhd 1!.

    Sjmhd ?; S}dncp gb ]@J Ancdu an Jtsglgmahd Pd`sg}(

    =99:=994

    @gtns}q =99: =99= =990 =993 =994

    Jtsglgmahd pd`sg} %EP 5?!

    Od}ljnq :.1 :.1 :.1 :.1 =.9

    Kjyjn =.= =.3 =.0 =.= =.3

    TnasdcPsjsdp

    9.1 9.1 9.1 :.9 :.9

    B}jn`d :.3 :.4 :.4 :.2 :.2Fg}dj :.: :.: :.= :.3 :.4

    Yjppdnod} `j}p %EP 5?90!

    Od}ljnq =.0 =.0 =.0 =.= =.3

    Kjyjn =.2 =.5 =.? =.2 =.5

    Tnasdc

    Psjsdp9.4 9.2 9.2 9.2 9.?

    B}jn`d :.3 :.2 :.2 :.? :.?

    Fg}dj :.2 :.4 :.? :.1 =.9

    Yj}sp jnc j``dppg}adp %EP 5?95!

    Od}ljnq :.0 :.3 :.3 :.4 :.4

    Kjyjn :.? :.? :.5 :.5 :.1

    Tnasdc

    Psjsdp:.5 :.5 :.2 :.2 :.2

    B}jn`d :.5 :.? :.? :.? :.2Fg}dj 9.2 9.2 9.5 9.1 :.=

    Pgt}`d; Jtseg}p jh`thjsagnp. Ngsd; EP 5? }dbd}p sg rdea`hdp gsed}

    sejn }jahwjq g} s}jlwjq }ghhano psg`f( jnc yj}sp jnc j``dppg}adp

    sed}dgb. EP 5?90 }dbd}p sg lgsg} `j}p jnc gsed} lgsg} rdea`hdp(

    an`htcano psjsagn wjognp jnc }j`ano `j}p( y}an`ayjhhq cdpaondc bg}

    sed s}jnpyg}s gb yd}pgnp6 EP 5?95 }dbd}p sg yj}sp jnc j``dppg}adp

    gb lgsg} rdea`hdp gb edjcanop 5?9: sg 5?94 %bg} bt}sed} `jsdog}adp(

    pdd ngsd bg} Sjmhd 1!.

    An ptllj}q( Fg}dj }drdjhdc j `glyj}jsard jcrjnsjod an

    asp jtsglgmahd pd`sg}( dpyd`ajhhq paona`jns an yjppdnod}

    `j}p( jnc j lj}oanjh `glyj}jsard jcrjnsjod an yj}sp jnc

    j``dppg}adp bg} jtsglgmahdp. Fg}dj gnsantdc sg aly}grd

    asp glyj}jsard jcrjnsjod }jyachq an sed jtsglgmahd pd`,

    sg} an mgse yjppdnod} `j}p( jnc yj}sp jnc j``dppg}adp bg}

    jtsglgmahdp drdn segtoe asp `glyj}jsard jcrjnsjod ap

    psahh ngs jp paona`jns an yj}sp jnc j``dppg}adp bg} jtsg,

    lgmahdp. Sed Tnasdc Psjsdp psjncp mdswddn `glyj}jsardjcrjnsjod jnc `glyj}jsard capjcrjnsjod an sed jtsglg,

    mahd pd`sg} jp j weghd( jnc asp ]@J ancdu ejp pegwn al,

    y}grdldns. Sed Tnasdc Psjsdp pegwdc j `glyj}jsard cap,

    jcrjnsjod an yjppdnod} j}p mts j glyj}jsard jcrjnsjod

    an yj}sp jnc j``dppg}adp bg} jtsglgmahdp( wase cd`}djpano

    s}dncp an }d`dns qdj}p.

    Ansd}njsagnjh S}jcd an sed Jtsglgmahd Pd`sg}Fg}dj jnc sed Tnasdc Psjsdp

    Fg}dj

    Fg}djp jtsglgmahd pd`sg} alyg}sp jnc duyg}sp. Sed

    Fg}djn d`gnglq }d`g}cdc j c}jljsa` an`}djpd an asp

    jtsg,lgmahd pd`sg} duyg}sp( b}gl #0.5 mahhagn an :155 sg

    #3=.2 mahhagn an =992 %Sjmhd 5!. Sed jtsglgmahd pd`sg} j`,

    `gtnsdc bg} jmgts :0.: yd}`dns gb sed Fg}djn d`gnglqp

    sgsjh ld}`ejncapd duyg}sp an =992. Egwdrd}( alyg}sp an

    sed jtsglgmahd pd`sg} ejrd ngs o}gwn bjps }dhjsard sg du

    yg}sp; b}gl #?09.2 lahhagn an :155 sg #4(=3=.9 lahhagn

    an =992. Sed jtsglgmahd pd`sg} j``gtnsdc bg} jmgts :.?

    yd}`dns gb sed Fg}djn d`gnglqp sgsjh ld}`ejncapd al,

    yg}sp an =992. Jp j }dpths( sed nds s}jcd g} s}jcd mjhjn`d an

    Fg}djp jtsglg,mahd pd`sg} wjp #0?.02 mahhagn( wea`e aplg}d sejn cgtmhd Fg}djp joo}dojsd s}jcd pt}yhtp an =992.

    Yjppdnod} `j}p %EP 5?90!( jnc yj}sp jnc j``dppg}adp bg}

    jtsglgmahdp %EP 5?95! j}d swg ljkg} ptm`jsdog}adp an

    Fg}djp jtsglgmahd pd`sg} s}jcd. Sedq duyhjandc jmgts

    13.9 yd}`dns gb duyg}sp jnc 53.1 yd}`dns gb alyg}sp an

    Fg}djp jtsglgmahd pd`sg} s}jcd an =992 %Sjmhd 1!. Setp(

    gt} bg`tp wahh md gn sedpd swg ptm`jsdog}adp.

    Jlgno asp ljkg} s}jcano yj}snd}p( Fg}djp jtsglgmahd

    pd`sg} duyg}sp hj}odhq `gn`dns}jsd gn sed T.P. lj}fds

    %Sjmhd :9! jhsegtoe sed pej}d ejp cd`}djpdc }jyachq jpFg}djp duyg}s lj}fds ejp card}padc an sed y}g`dpp gb asp

    duyg}s o}gwse. Lg}d pyd`a`jhhq( 5?.= yd}`dns gb Fg}djp

    yjppdnod} j} duyg}sp jnc 31.1 yd}`dns gb yj}sp jnc j``dp

    pg}adp bg} jtsglgmahdp duyg}sp wd}d ca}d`sdc sg sed T.P.

    3

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    Sjmhd 5; Fg}djp Ansd}njsagnjh S}jcd an sed

    Jtsglgmahd Pd`sg} %EP 5?!( :155=992(

    an lahhagnp gb cghhj}p

    Qdj} Duyg}sp %U!Alyg}sp

    %L!

    Nds s}jcd

    %UL!

    :155 0(592.2

    %2.0$!

    ?09.2

    %:.3$!

    0(9?2.9

    %03.2$!

    :119 =(0=3.: 109.0 :(010.5

    :114 1(045.4 =(9?9.= ?(=55.0

    =999 :4(=24.4 :(20:.0 :0(203.0

    =99: :4(399.2 :(593.1 :0(414.?

    =99= :?(=22.0 =(233.3 :3(2==.9

    =990 =0(9=3.2 0(:?4.0 :1(531.0

    =993 0=(:92.= 0(453.1 =5(4=:.=

    =994 0?(31:.= 3(:10.= 00(=15.:

    =992 3=(294.0

    %:0.:$!

    4(=3=.9

    %:.?$!

    0?(020.0

    %=0=.0$!

    Pgt}`d; Fg}dj Ansd}njsagnjh S}jcd Jppg`ajsagn %FASJ!( FGSAP

    cjsjmjpd( essy;''psjs.fasj.nds. Ngsdp; Sed ntlmd}p an sed yj}dnsed,pap j}d pej}d gb sgsjh ld}`ejncapd duyg}sp( alyg}sp( g} nds s}jcd

    an Fg}dj. EP 5? }dbd}p sg rdea`hdp gsed} sejn }jahwjq g} s}jlwjq

    }ghhano psg`f( jnc yj}sp jnc j``dppg}adp sed}dgb.

    Sjmhd 1; Fg}djp Ansd}njsagnjh S}jcd an sed Jtsglg,

    mahd Pd`sg} mq Ljkg} Ptm`jsdog}adp( =992( an lahhagnp

    gb cghhj}p

    EP edjcano Duyg}sp %U! Alyg}sp %L!Nds s}jcd

    %UL!

    EP 5? 3=(294.0 4(=3=.9 0?(020.0

    EP 5?9: =05.9 :50.? 43.0

    EP 5?9= 4=0.: 4.4 4:?.2

    EP 5?90 09(41?.= :(19=.1 =5(213.0

    EP 5?93 :(33?.2 :33.: :(090.2

    EP 5?94 19.4 12.? ,2.0

    EP 5?92 0?.? 9.4 0?.=

    EP 5?9? 0.: 9.: 0.9

    EP 5?95 1(345.: =(435.3 2(191.?

    EP 5?91 ?.4 34.5 ,05.0

    Pgt}`d; Fg}dj Ansd}njsagnjh S}jcd Jppg`ajsagn %FASJ!( FGSAP

    cjsjmjpd( essy;''psjs.fasj.nds. Ngsd; EP `ejysd} 5? jnc edjcanop

    5?9: sg 5?91 an`htcd `gllgcasadp jp bghhgwp.

    EP 5? rdea`hdp gsed} sejn }jahwjq g} s}jlwjq }ghhano psg`f( jnc

    yj}sp jnc j``dppg}adp sed}dgbEP 5?9: s}j`sg}p %gsed} sejn s}j`sg}p gb edjcano 5?91!

    EP 5?9= lgsg} rdea`hdp bg} sed s}jnpyg}s gb :9 g} lg}d yd}pgnp(

    an`htcano sed c}ard}

    EP 5?90 lgsg} j}p jnc gsed} lgsg} rdea`hdp y}an`ayjhhq cdpaondc

    bg} sed s}jnpyg}s gb yd}pgnp %gsed} sejn segpd gb edjcano 5?9=!(

    an`htcano psjsagn wjognp jnc }j`ano `j}p

    EP 5?93 lgsg} rdea`hdp bg} sed s}jnpyg}s gb oggcp

    EP 5?94 pyd`ajh yt}ygpd lgsg} rdea`hdp( gsed} sejn segpd y}an`a,

    yjhhq cdpaondc bg} sed s}jnpyg}s gb yd}pgnp g} oggcp

    EP 5?92 `ejppap ssdc wase dnoandp( bg} sed lgsg} rdea`hdp gb

    edjcanop 5?9: sg 5?94

    EP 5?9? mgcadp %an`htcano `jmp!( bg} sed lgsg} rdea`hdp gb edjc,

    anop 5?9: sg 5?94

    EP 5?95 yj}sp jnc j``dppg}adp gb sed lgsg} rdea`hdp gb edjcanop

    5?9: sg 5?94

    EP 5?91 wg}f s}t`fp( pdhb,y}gydhhdc( ngs ssdc wase habs.

    lj}fds an :155. Sedpd pej}dp cd`handc sg 39.? yd}`dns

    jnc =4.= yd}`dns( }dpyd`sardhq( an =992. ]d`dnshq( @eanj

    dld}odc jp gnd gb sed ljkg} duyg}s lj}fdsp bg} Fg}djpyj}sp jnc j``dppg}adp bg} jtsglgmahdp( jnc duyg}sp sg

    @eanj j``gtnsdc bg} jmgts gnd,sea}c gb Fg}djp yj}sp jnc

    j``dppg}adp bg} jtsglgmahdp duyg}sp.

    Bg} Fg}djp jtsglgmahd pd`sg} alyg}sp( Kjyjn }dljandc

    sed hj}odps pgt}`d gb Fg}djp alyg}sdc yj}sp jnc j``dp,

    pg,}adp bg} jtsglgmahdp drdn segtoe Kjyjnp pej}d ejp

    cd`}djpdc b}gl 5=.= yd}`dns an :155 sg 02.2 yd}`dns an

    =992. Fg}dj ejp card}padc asp pgt}`dp jnc ngw alyg}sp

    lg}d b}gl Od}ljnq( sed Tnasdc Psjsdp( jnc( }d`dnshq(

    @eanj. ]doj}cano Fg}djp alyg}sp gb yjppdnod} j}p( sed

    T.P. pej}d ejp cd`}djpdc b}gl 24.0 yd}`dns an :151 %ngspegwn! jnc 49.2 yd}`dns an :119 sg 4.9 yd}`dns an =992

    jp Od}ljnq jnc Kjyjn an,`}djpdc seda} pej}dp an =992 sg

    41.9 yd}`dns jnc ==.9 yd},`dns( }dpyd`sardhq.?

    Gnd seano wd ejrd sg }dldlmd} ap sejs pan`d :11?( drdn

    wase sed }jyac o}gwse gb yjppdnod} `j} duyg}sp( Fg}djp

    s}jcd mjhjn`d an yj}sp jnc j``dppg}adp bg} jtsglgmahdp

    ejp mddn s}jnpbg}ldc b}gl cd`as sg pt}yhtp. Seap `gthc

    ejrd mddn sed }dpths gb Fg}djp hj}od anrdpsldns an }d,

    pdj}`e jnc cdrdhgyldns jnc ptyyg}s b}gl sed o}gwse gb

    asp psjmhd cgldpsa` lj}fds.

    Cgldpsa` jtsglgmahd lj}fds an Fg}dj. Pan`d sed :15?

    hamd}jha{jsagn gb hjwp ogrd}nano sed alyg}sjsagn ansg

    Fg}dj gb yjppdnod} `j}p( sed pjhdp jnc }doaps}jsagnp gb

    alyg}sdc yjppdnod} `j}p ejrd mddn an`}djpano }jyachq

    %Sjmhd ::!. Sed pej}d gb alyg}sp an Fg}djp yjppdnod}

    `j} pjhdp jnc }doaps}jsagnp an sd}lp gb ntlmd} gb tnasp

    ejp an`}djpdc b}gl hdpp sejn 9.: yd}`dns an :155 sg lg}d

    sejn 4 yd}`dns an =99?.5 Sedpd `ejnodp laoes ejrd }d,

    pthsdc b}gl sed grd}jhh pg`agd`gngla` y}go}dpp sgwj}c

    s}jcd hamd}jha{jsagn( aly}grdldns an `gnptld} yd}`dy,

    sagnp jmgts alyg}sp( jnc jmgrd jhh sed }dct`dc y}a`d ojy

    mdswddn cgldpsa` jnc alyg}sdc yjppdnod} `j}p. Jp sedpej}d gb alyg}sdc yjppdnod} `j} pjhdp jnc }doaps}jsagnp

    an`}djpdc zta`fhq( sed pej}d gb alyg}sp mq gtns}q gb g}a,

    oan jhpg `ejnodc paona`jnshq %Sjmhd :=!. Bg} dujlyhd(

    sed pej}d gb alyg}sp b}gl sed Tnasdc Psjsdp ejp cd`}djpdc

    paona`jnshq( b}gl 31.= yd}`dns an :112 sg ::.? yd}`dns

    an =99?. An `gns}jps( sed pej}d gb alyg}sp b}gl Kjyjn

    ejp an`}djpdc }jyachq pan`d sed jmghasagn gb sed Alyg}s

    Pgt}`d Card}pa`jsagn Y}go}jl %pdd ngsd ?! an :111(

    b}gl {d}g yd}`dns an =999 sg 00.9 yd}`dns an =99?. Sed

    pej}d gb alyg}sp b}gl sed Dt}gydjn Tnagn %lgpshq b}gl

    4

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    Sjmhd :9; S}dncp an Fg}djp Jtsglgmahd Pd`sg} S}jcd mq Ljkg} @gtns}q( :155=992(

    an lahhagnp gb cghhj}p jnc yd}`dnsjodDuyg}sp

    Sgsjh

    %cghhj}p(

    Tnasdc

    Psjsdp @jnjcj

    Tnasdc

    Fanocgl Od}ljnq Asjhq Pyjan Jtps}jhaj @eanjQdj} lahhagnp! %$! %$! %$! %$! %$! %$! %$! %$!

    EP 5?

    :155 0(592.2 5=.0 3.3 :.= 9.: 9.4 9.9 9.2 9.=

    :119 =(0=3.: 44.4 :0.3 :.= 9.: :.0 9.= =.2 9.=

    :114 1(045.4 :?.1 :.: 3.= ?.= :.2 =.= 3.? =.4

    =999 :4(=24.4 02.3 0.2 =.1 =.= 0.1 0.3 0.4 :.:

    =99: :4(399.2 3:.1 3.3 =.? =.4 0.3 =.2 =.4 :.0

    =99= :?(=22.0 33.3 4.9 =.5 =.2 0.= =.2 =.= =.:

    =990 =0(9=3.2 01.? 4.9 =.? 0.5 0.= =.1 =.9 4.1

    =993 0=(:92.= 03.4 3.0 0.0 0.3 =.1 0.1 =.: 2.4

    =994 0?(31:.= =5.0 0.? 0.9 0.2 0.= 0.1 =.3 5.2

    =992 3=(294.0 =2.0 0.0 =.3 0.? =.1 0.1 =.4 ?.3

    EP 5?90

    :155 0(002.= 5?.= 3.2 :.: 9.9 9.2 9.9 9.4 9.9

    :119 :(542.0 29.0 :4.3 :.= 9.9 :.9 9.: =.5 9.=

    :114 ?(=3=.5 =9.0 :.= 4.: 5.2 :.1 =.5 4.? :.3

    =999 ::(512.9 3=.0 3.4 0.4 =.3 3.? 3.: 3.= 9.3

    =99: :=(9=1.3 35.1 4.0 0.= =.? 3.: 0.= =.5 9.1

    =99= :0(322.5 4:.4 2.9 0.3 =.1 0.1 0.= =.3 :.3

    =990 :?(404.? 3?.0 2.0 0.0 3.4 3.9 0.? =.: =.4

    =993 =3(20=.: 39.? 4.0 3.: 0.1 0.? 3.5 =.: :.?

    =994 :?(404.? 3?.0 2.0 0.0 3.4 3.9 0.? =.: =.4

    =992 =3(20=.: 39.? 4.0 3.: 0.1 0.? 3.5 =.: :.?

    EP 5?95

    :155 :53.? 31.1 4.9 :.1 9.4 9.3 9.? =.= 9.9

    :119 =34.5 31.5 ?.2 =.9 9.? 9.4 :.9 =.? 9.:

    :114 24=.1 =2.0 =.2 =.2 3.9 9.? 9.? 0.3 =.2

    =999 :(?34.5 ==.0 :.3 :.9 =.9 9.5 9.3 =.9 0.9

    =99: :(52?.2 =4.0 :.5 :.9 =.9 9.2 9.3 :.5 =.?

    =99= =(=55.0 =2.3 =.9 :.9 :.1 9.4 9.0 :.5 4.:

    =990 0(213.4 :5.= :.4 9.1 =.9 9.3 9.= :.4 ==.1

    =993 4(=?:.0 :2.2 :.3 9.? =.9 9.3 9.0 :.5 0:.9

    =994 ?(?:1.9 =0.2 :.0 9.? :.? 9.3 9.= :.0 00.4

    =992 1(345.: =4.= :.0 9.1 :.3 9.3 9.0 :.: =2.1

    :9

  • 8/3/2019 Implications of Liberalizing Korea-U.S. Trade in the Automobile Sector: Potential Impact of the Korea-U.S. Free Trade

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    Alyg}spSgsjh

    %cghhj}p( Od}ljnq KjyjnTnasdcPsjsdp Pwdcdn

    TnasdcFanocgl B}jn`d Asjhq @eanj

    Qdj} lahhagnp! %$! %$! %$! %$! %$! %$! %$! %$!

    EP 5?

    :155 ?09.2 2.0 2?.: :=.4 9.4 :.0 9.1 =.5 9.9

    :119 109.0 :0.? 3?.9 :1.3 ?.: 0.= :.9 :.4 9.3

    :114 =(9?9.= :1.0 0?.? =3.4 4.2 =.= :.3 =.2 9.?

    =999 :(20:.0 :3.? 39.3 =9.1 =.3 :.: 9.0 =.4 0.2

    =99: :(593.1 :2.4 05.3 :5.5 0.= 9.1 9.0 0.: =.1

    =99= =(233.3 ==.0 00.9 :4.4 0.1 =.5 9.2 =.3 0.0

    =990 0(:?4.0 =2.2 09.9 :3.2 3.0 =.5 9.1 =.: 0.=

    =993 0(453.1 =1.1 =5.3 :3.0 0.: 0.= :.: =.5 3.9

    =994 3(:10.= 0:.: =?.2 :=.0 =.2 =.4 :.9 0.9 2.=

    =992 4(=3=.9 0=.? =?.0 ::.9 =.3 =.9 :.0 =.0 5.?

    EP 5?90

    :155 49.? :4.4 5.: 0:.: 0.5 9.0 :.0 ==.4 9.9

    :119 15.4 ==.0 2.2 49.2 4.1 0.0 =.5 :.0 9.9

    :114 ==2.5 3=.? 0.5 0=.0 1.2 :.2 =.4 9.2 9.:

    =999 :43.1 4:.5 ?.? :5.4 2.3 0.? 9.= 9.: :.9

    =99: =31.? 44.5 :?.= :=.4 3.2 9.1 9.= 9.: 9.:

    =99= 290.? 41.3 :5.? :9.2 =.? :.= 9.= 9.3 9.:

    =990 ?2=.9 20.0 :2.? 5.2 0.0 :.= 9.4 9.2 9.:

    =993 191.3 44.? =4.5 ?.: =.? :.4 :.= 9.2 9.:

    =994 :(0?9.9 43.0 ==.= 2.5 0.: :.2 :.? :.9 9.:

    =992 :(19=.1 41.9 ==.9 4.9 :.? :.5 =.: :.9 9.:

    EP 5?95

    :155 402.5 4.0 5=.= 1.0 9.: :.9 :.9 9.9 9.9

    :119 350.: 1.3 24.1 :?.4 9.1 :.2 9.2 9.0 9.9

    :114 :(09:.= :0.3 43.9 =0.: =.0 :.: 9.1 9.? 9.:

    =999 :(=92.0 ::.9 31.: =:.9 :.0 9.3 9.0 :.2 :.1

    =99: :(:10.2 :9.4 49.9 :1.2 :.3 9.2 9.0 =.1 9.5

    =99= :(402.5 :=.4 34.9 :2.1 :.2 0.1 9.1 =.? :.9

    =990 :(??=.0 :4.3 30.9 :4.? :.4 3.= :.3 =.5 :.3

    =993 :(124.? =:.4 02.2 :2.= :.4 4.9 :.4 0.? =.3

    =994 =(:1?.: =9.2 02.4 :4.1 :.9 0.3 9.1 3.: 2.=

    =992 =(435.3 :?.4 02.2 :4.4 :.9 =.4 :.9 =.? ::.=

    :9

    Pgt}`d; @jh`thjsdc mq jtseg} b}gl Fg}dj Ansd}njsagnjh S}jcd Jppg`ajsagn %FASJ!( FGSAP cjsjmjpd( essy;''psjs.fasj.nds. Ngsd; EP `ejysd}

    5? jnc edjcanop 5?90 jnc 5?95 an`htcd `gllgcasadp jp bghhgwp.

    EP 5? rdea`hdp gsed} sejn }jahwjq g} s}jlwjq }ghhano psg`f(jnc yj}sp jnc j``dppg}adp sed}dgb

    EP 5?90 lgsg} j}p jnc gsed} lgsg} rdea`hdp y}an`ayjhhq

    cdpaondc bg} sed s}jnpyg}s gb yd}pgnp %gsed} sejn segpd

    gb edjcano 5?9=!( an`htcano psjsagn wjognp jnc }j`ano`j}p

    EP 5?95 yj}sp jnc j``dppg}adp gb sed lgsg} rdea`hdp gb edjcanop

    5?9: sg 5?94.

  • 8/3/2019 Implications of Liberalizing Korea-U.S. Trade in the Automobile Sector: Potential Impact of the Korea-U.S. Free Trade

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    Sjmhd ::; Alyg}sp an Fg}djp Yjppdnod} @j} Lj}fds(

    :155=99?( an ntlmd} gb tnasp jnc yd}`dnsjod gb Sj,

    mhd :3; T.P. S}jcd an sed Jtsglgmahd Pd`sg} %EP 5?!(

    :114=99?( an lahhagnp gb cghhj}p jnc alyg}sp yd},

    `dnsjod

    Pgt}`d; Fg}dj Jtsglgmahd Alyg}sd}p jnc Caps}amtsg}p Jppg`aj,

    sagn( essy;''www.fjacj.`g.f}.

    j. Mdoannano an =993( ntlmd} gb tnasp }dbd}p sg }doaps}jsagnp gb

    tnasp ljcd anpsdjc gb pjhdp.

    Sjmhd :=; Alyg}sp mq @gtns}q gb G}aoan an Fg}djp

    Yjppdnod} @j} Lj}fds( :113=99?( ntlmd} gb tnasp

    jnc yd}`dnsjod

    Qdj}

    Tnasdc Psjsdp Dt}gydjn Tnagn Kjyjn

    Pjhdp Pej}d Pjhdp Pej}d Pjhdp Pej}d

    :113 :(190 31.=$ :(12= 49.5$ 9 9.9$

    :114 =(4?5 0?.=$ 3(030 2=.5$ 9 9.9$

    =999 :(=05 =5.9$ 0(:?2 ?=.9$ 9 9.9$

    =99: :(49= :1.3$ 4(393 21.5$ 53: :9.1$

    =99= =(121 :5.3$ :9(:5= 20.=$ =(125 :5.3$

    =990 0(:?= :2.0$ :=(404 23.0$ 0(??3 :1.3$

    =993j 0(491 :4.9$ :=(111 44.?$ 2(50? =1.0$

    =994j 0(5:: :=.0$ :5(9:9 45.0$ 1(959 =1.3$

    =992j 3(442 ::.=$ =0(?21 45.2$ :=(=94 09.:$

    =99?j 2(=04 ::.?$ =1(4== 44.0$ :?(200 00.9$

    Pgt}`d; Fg}dj Jtsglgmahd Alyg}sd}p jnc Caps}amtsg}p Jppg`aj,

    sagn( essy;''www.fjacj.`g.f}.

    j. Mdoannano an =993( ntlmd} gb tnasp }dbd}p sg }doaps}jsagnp gb

    tnasp ljcd anpsdjc gb pjhdp.

    Sjmhd :0; Yjppdnod} @j} ]doaps}jsagnp jnc Pjhdp an

    Fg}dj( mq Dnoand @qhancd} @jyj`asq( =994( ntlmd}gb tnasp jnc yd}`dnsjod

    Jtsglgmahdp

    Hdpp sejn g} dztjh sg

    =(999 `` O}djsd} sejn =(999 ``

    Ntlmd} Yd}`dnsjod Ntlmd} Yd}`dnsjod

    Cgldpsa` ]doaps}jsagn 5(55=(994 59.= =(:19(42: :1.5

    Pjhdp 35=(10: 4=.1 309(2:1 3?.:

    Alyg}sp ]doaps}jsagn 00(=59 =:.2 :=9(142 ?5.3

    Pjhdp ?(:20 =0.= =0(?05 ?2.5

    Pgt}`d; Fg}dj Jtsglgmahd Alyg}sd}p jnc Caps}amtsg}p Jppg`aj,

    sagn( essy;''www.fjacj.`g.f}.

    :9

    Qdj}

    Cgldpsa Alyg}sp

    Y}gct`sagn Duyg}spPjhdp %J! Pjhdp %M!

    Pej}d

    %M'VJ&M\!

    :155 5?=(9?3 423(4:: 0=0(42: =20 9.95$

    :119 152(?4: 001(2?= 2=2(:=2 =(0=4 9.0?$

    :114 =(990(:32 542(025 :(:31(391 2(1=: 9.29$

    =999 =(29=(995 :(433(3?0 :(94?(2=9 3(3:3 9.3=$

    =99: =(3?:(333 :(01?(9:4 :(924(:2: ?(?3? 9.?0$

    =99= =(24:(?=0 :(3:0(?=0 :(==4(=:9 :2(::1 :.0=$

    =990 =(?2?(?:2 :(?=9(:=3 :(99:(5?3 :1(35: :.13$

    =993j 0(:==(299 =(=?2(4?2 54?(1?? =0(034 =.24$

    =994j 0(04?(913 =(342(4=4 1:0(449 09(19: 0.=?$

    =992j 0(351(:02 =(409(:59 140(25: 39(409 3.:4$

    =99?j 0(?=0(35= =(?:5(435 152(3:2 40(019 4.:0$

    Od}ljnq! ejp pgldwejs cd`}djpdc jnc }dljandc j}gtnc

    29 yd}`dns an }d`dns qdj}p.

    ]d`dnshq `gnptld} cdljnc an Fg}dj ejp nj}}gwdc sed

    ojy an dnoand `qhancd} `jyj`asq mdswddn cgldpsa` yjp,

    pdnod} `j}p jnc alyg}sp %Sjmhd :0!. Bg} dujlyhd( sed

    pej}d gb yjppdnod} `j}p }doapsd}dc wase jn dnoand `qhan,

    cd} `jyj`asq o}djsd} sejn =(999 `` wjp :1.5 yd}`dns bg}

    cgldpsa` jtsglgmahdp jnc ?5.3 yd}`dns bg} alyg}sp an=994. Egwdrd}( sed pej}d gb yjppdnod} `j}p pghc wase jn

    dnoand `qhancd} `jyj`asq o}djsd} sejn =(999 `` wjp 3?.:

    yd}`dns bg} cgldpsa` jtsgp jnc ?2.5 yd}`dns bg} alyg}sp

    an sed pjld qdj}.

    Tnasdc Psjsdp

    T.P. jtsglgmahd pd`sg} alyg}sp jnc duyg}sp. T.P. du,

    yg}sp an sed jtsglgmahd pd`sg} o}dw psdjcahq b}gl #4:.?5

    mahhagn an :114 sg #:92.11 mahhagn an =99? %Sjmhd :3!.

    Jtsglgmahd duyg}sp jp j pej}d gb sgsjh T.P. ld}`ejncapd

    duyg}sp ljansjandc j ygpasagn js jmgts 1 yd}`dns. T.P. du,yg}sp an sed jtsglgmahd pd`sg} sg Fg}dj cd`}djpdc ct}ano

    sed dj}hq =999p( ljanhq md`jtpd gb sed Jpajn njn`ajh

    `}apap( jnc( j``g}canohq( Fg}djp pej}d an sed T.P. jtsg,

    lgmahd pd`sg} duyg}sp bdhh b}gl :.0 yd}`dns an :114 sg 9.2

    yd}`dns an =990( jhsegtoe as }d`grd}dc sg 9.1 yd}`dns an

    =99?. T.P. alyg}sp an sed jtsglgmahd pd`sg} jhpg o}dw

    psdjcahq( b}gl #:9=.00 mahhagn an :114 sg #=:3.3? mahhagn

    an =99?. Egwdrd}( sed jtsglgmahd pd`sg}p pej}d gb sgsjh

    T.P. ld}`ejncapd alyg}sp bdhh b}gl :0.5 yd}`dns sg ::.9

    yd}`dns ct}ano sed pjld yd}agc.

    T.P. jtsglgmahd pd`sg} alyg}sp b}gl Fg}dj o}dw }jyac,hq( b}gl #:.5= mahhagn an :114 sg #:9.44 mahhagn an =99?.

    Setp( Fg}djp pej}d gb T.P. jtsglgmahd pd`sg} alyg}sp

    }gpd b}gl :.5 yd}`dns sg 3.1 yd}`dns ct}ano sed pjld yd,

    }agc. Sed T.P. s}jcd mjhjn`d bg} sed jtsglgmahd pd`sg}

    }d`g}cdc j #49.44 mahhagn cd`as an :114 %dztarjhdns sg

    0:.0 yd}`dns gb sed sgsjh T.P. s}jcd cd`as an :114!. _eahd

    sed jlgtns gb jtsglgmahd pd`sg} s}jcd cd`as ejp }apdn sg

    #:9?.3? mahhagn( sed }jsag `glyj}dc wase sed sgsjh T.P.

    s}jcd cd`as bdhh sg :0.2 yd}`dns an =99?. Grd}jhh( sed T.P.

    s}jcd yd}bg}ljn`d an jtsglgmahdp ejp pgldwejs psjma,

    ha{dc pan`d =990 g} pg.

    Cgldpsa` jtsglgmahd lj}fds an sed Tnasdc Psjsdp.

    T.P. cgldpsa` jtsglgmahd }doaps}jsagnp wd}d =3:.= lah,

    hagn tnasp bg} jhh rdea`hdp %:02.2 lahhagn `j}p jnc :90.5

    lahhagn s}t`fp! an =994 %Sjmhd :4j!. ]doaps}jsagnp gb j}p

    pegwdc j cd`}djpano s}dnc mdoannano an =99= jnc =990

    weahd }doaps}jsagnp gb s}t`fp `gnsantdc sg an`}djpd. Sg,

    sjh jtsglgmahd pjhdp wd}d :?.9 lahhagn tnasp an =992 %?.5

    lahhagn `j}p jnc 5.? lahhagn haoes s}t`fp! jnc }drdjhdc j

    cd`}djpano s}dnc jbsd} =99: %Sjmhd :4m!. Md`jtpd sgsjh

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    :9

    Duyg}spSgsjh Jtsglgmahd pd`sg} duyg}sp sg sed

    ld}`ejncapd duyg}sp

    wg}hc Jtsglgmahd pd`sg} duyg}sp sg Fg}dj

    Rjhtd Yd}`dnsjod Rjhtd Yd}`dnsjod

    Qdj} %J! %M! %M'J+:99! %@! %@'M+:99!

    :114 45=(9?2.5 4:(??4.? 5.1 245.2 :.0

    =999 ?59(3:5.2 2:(1=?.2 ?.1 349.9 9.?

    =99: ?0:(9=4.1 45(?31.4 5.9 3=?.1 9.?

    =99= 210(=4?.0 2=(4::.= 1.9 331.: 9.?

    =990 ?=0(?30.= 24(:5=.3 1.9 3:3.? 9.2

    =993 5:2(43?.2 ?0(911.5 1.9 430.9 9.?

    =994 193(0?1.5 50(:29.2 1.= 25=.0 9.5

    =992 :(90?(:30.9 1=(?9=.5 5.1 ?42.5 9.5

    =99? :(:2=(?95.0 :92(110.4 1.= 12=.= 9.1

    Alyg}sp

    Sgsjh Jtsglgmahd pd`sg} alyg}sp b}gl sed Jtsglgmahd pd`sg} alyg}sp b}gl

    ld}`ejncapd alyg}sp

    wg}hc Fg}dj

    Rjhtd Yd}`dnsjod Rjhtd Yd}`dnsjod

    Qdj} %J! %M! %M'J+:99! %@! %@'M+:99!

    :114 ?30(499.9 :9=(0=1.9 :0.5 :(5:4.4 :.5

    =999 :(=:2(55?.4 :20(543.0 :0.4 4(092.: 0.=

    =99: :(:3:(141.: :41(03:.4 :3.9 2(590.0 3.0

    =99= :(:20(435.2 :?9(4:4.5 :3.? ?(013.= 3.0

    =990 :(=41(014.2 :?4(:23.5 :0.1 5(20:.2 3.1

    =993 :(321(2?9.5 :1:(=31.2 :0.9 :9(515.5 4.?

    =994 :(2?9(139.3 :11(594.1 :=.9 :9(=90.0 4.:

    =992 :(544(::1.0 =:4(0?5.? ::.2 :9(54=.? 4.9

    =99? :(140(215.5 =:3(322.? ::.9 :9(449.4 3.1

    S}jcd mjhjn`d

    T.P. s}jcd mjhjn`d

    Jtsglgmahd pd`sg} s}jcd mjhjn`dJtsglgmahd pd`sg} s}jcd mjhjn`d wase

    Fg}dj

    Rjhtd Yd}`dnsjod Rjhtd Yd}`dnsjod

    Qdj} %J! %M! %M'J+:99! %@! %@'M+:99!

    :114 ,:2:(3=0.= ,49(440.0 0:.0 ,:(:42.1 =.0

    =999 ,302(325.1 ,:9:(1=2.? =0.3 ,3(542.: 3.5

    =99: ,3:9(100.= ,:99(41=.9 =3.4 ,2(0?4.3 2.0

    =99= ,3?9(=1:.0 ,:95(993.2 =0.9 ,2(134.: 2.3

    =990 ,404(24=.4 ,:91(15=.3 =9.4 ,5(=:2.1 ?.4

    =993 ,240(:=0.: ,::5(:31.5 :5.: ,:9(044.5 5.5

    =994 ,?22(429.2 ,::2(234.0 :4.= ,1(4=:.9 5.==992 ,5:?(1?2.0 ,:==(2?4.1 :4.9 ,:9(914.1 5.=

    Sjmhd :3; T.P. S}jcd an sed Jtsglgmahd Pd`sg} %EP 5?!( :114=99?( an lahhagnp gb cghhj}p jnc alyg}sp

    yd}`dnsjod

    Pgt}`d; @jh`thjsdc mq jtseg} b}gl Fg}dj Ansd}njsagnjh S}jcd Jppg`ajsagn %FASJ!( FGSAP cjsjmjpd( essy;''psjs.fasj.nds. Ngsd; EP 5?

    }dbd}p sg rdea`hdp gsed} sejn }jahwjq g} s}jlwjq }ghhano psg`f( jnc yj}sp jnc j``dppg}adp sed}dgb. .

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    cgldpsa` y}gct`sagn wjp jmgts ::.0 lahhagn tnasp %3.3

    lahhagn `j}p jnc 2.3 lah,hagn haoes s}t`fp! an =992( sed

    cabbd}dn`d mdswddn cgldpsa` y}gct`sagn jnc pjhdp4.?

    lahhagn tnasp %0.3 lahhagn `j}p jnc =.0 lahhagn haoes

    s}t`fp!wjp alyg}sdc tnasp.

    Sjmhd :4j; Jtsglgmahd ]doaps}jsagnp an sed Tnasdc

    Psjsdp( :111=990( an lahhagnp gb tnasp Sjmhd :2; T.P.

    Duyg}sp jnc Alyg}sp gb Yjppdnod} @j}p jnc HaoesS}t`fp( :111=993( an lahhagnp gb cghhj}p %duyg}sp;

    BJP6 alyg}sp; `tpsglp rjhtd! Qdj} @j}p S}t`fp Jhh rdea`hdp:111 :0=.3 50.: =:2.0

    =999 :00.2 5?.: ==:.4

    =99: :0?.2 1=.9 =09.3

    =99= :04.1 1=.1 ==1.2

    =990 :04.? 13.1 =0:.3

    =993 :02.3 :99.9 =02.3

    =994 :02.2 :90.5 =3:.=

    Sjmhd :4m; Jtsglgmahd Pjhdp jnc Y}gct`sagn an sedTnasdc Psjsdp( :115=993( an lahhagnp gb tnasp

    Qdj}

    Haoes rdea`hdp

    Ldcatl

    jnc edjrq

    s}t`fp

    Sgsjh@j}pHaoess}t`fp Sgsjh Sgsjh HR

    Pjhdp

    :115 5.: ?.3 :4.4 9.3 :2.9

    :111 5.? 5.= :2.1 9.4 :?.3

    =999 5.5 5.4 :?.0 9.4 :?.5

    =99: 5.3 5.? :?.: 9.3 :?.4

    =99= 5.= 5.? :2.1 9.0 :?.=

    =990 ?.2 1.9 :2.2 9.0 :2.1

    =993 ?.4 1.0 :2.5 9.3 :?.0

    =994 ?.? 1.= :2.1 9.4 :?.3=992 ?.5 5.? :2.4 9.4 :?.9

    Y}gct`sagn

    :115 4.2 2.9 ::.2 9.3 :=.9

    :111 4.2 ?.9 :=.2 9.3 :0.9

    =999 4.4 2.5 :=.3 9.3 :=.5

    =99: 3.5 2.0 ::.= 9.0 ::.3

    =99= 4.9 ?.9 :=.9 9.0 :=.0

    =990 3.4 ?.0 ::.5 9.0 :=.:

    =993 3.= ?.0 ::.2 9.3 :=.9

    =994 3.0 ?.= ::.4 9.3 ::.1

    =992 3.3 2.3 :9.5 9.4 ::.0

    Pgt}`d; Sed ]gjc Jedjc bg} sed T.P. Jtsg Lj}fds %_jpeanosgn(

    C.@.; T.P. Cdyj}sldns gb @glld}`d( Gb`d gb Jd}gpyj`d jnc

    Jtsglgsard Anctps}adp( Lj}`e =99?!( essy;''www.asj.cg`.ogr'sc'

    jtsg'cgldpsa`'=99?]gjcJedjc.ycb.

    Sed sgy rd pgt}`dp gb yjppdnod} `j}p jnc haoes s}t`fp

    sejs wd}d alyg}sdc ansg sed Tnasdc Psjsdp wd}d @jnjcj(

    Kjyjn( Od}ljnq( Ldua`g( jnc Fg}dj %Sjmhd :2!. @jnjcj

    ejc j =1.9 yd}`dns pej}d6 Kjyjn( =5.1 yd}`dns6 Od}ljnq(

    :3.2 yd}`dns6 Ldua`g( :0.9 yd}`dns6 jnc Fg}dj( 4.1 yd},

    `dns an =992. Sgodsed} sedq j``gtnsdc bg} lg}d sejn 19

    yd}`dns gb T.P. alyg}sp gb yjppdnod} j}p jnc haoes s}t`fp.

    ]d`dnshq sed pej}dp gb Od}ljnq jnc Fg}dj ejrd mddn

    an,`}djpano weahd @jnjcjp pej}d ejp mddn cd`}djpano.

    Sed sgy rd lj}fdsp sg wea`e sed Tnasdc Psjsdp duyg}sdc

    yjp,pdnod} `j}p jnc haoes s}t`fp wd}d @jnjcj( Od}ljnq(

    Ldua`g( Pjtca J}jmaj( jnc sed TF. Ancaractjh gtns}adp

    pej}dp an =992 wd}d; @jnjcj 34.9 yd}`dns( Od}ljnq :=.1

    yd}`dns( Ldua`g :9.3 yd}`dns( Pjtca J}jmaj 4.2 yd}`dns(

    jnc sed TF 0.= yd}`dns. @jnjcj ejc j ljkg} pej}d wase

    j cd`}djpano s}dnc( jnc Od}ljnqp pej}d wjp o}gwano}jyachq.

    Dbbd`s gb sed Fg}dj,T.P. B}dd S}jcd Jo}ddldnsgn sed Jtsglgmahd Pd`sg}

    Ljkg} ]dpthsp b}gl Jtsglgmahd Pd`sg} Ndogsajsagnp

    Ndogsajsagnp hdjcano sg sed Fg}dj,T.P. B}dd S}jcd Jo}dd,

    ldns %FG]TP BSJ! wd}d njha{dc gn = Jy}ah =99?. Sed

    jtsglgmahd pd`sg} wjp gnd gb sed ljkg} pd`sg}p gn sed

    ndogsajsagn jodncj( sgodsed} wase mddb( yej}lj`dtsa`jhp(

    jnc sed p`}ddn ztgsj. Sed Tnasdc Psjsdp ejp sed wg}hchj}odps jtsglgmahd lj}fds( wase j cdljnc bg} jmgts :?

    lahhagn tnasp gb m}jnc,ndw jtsglgmahdp jnntjhhq( jp wjp

    pegwn an Sjmhd :4. Fg}dj jhpg ejp j psjmhd cgldpsa` lj},

    fds wase j cdljnc bg} jmgts : lahhagn tnasp gb m}jnc,ndw

    jtsglgmahdp j qdj}( wase j }jyachq an`}djpano cdljnc bg}

    alyg}sp( pegwn an Sjmhd ::. Fg}dj duyg}sp jyy}gualjsdhq

    299(999 tnasp gb yjppdnod} `j}p sg sed T.P. lj}fds dj`e

    qdj}.1 Fg}dj alyg}sdc grd} 2(999 tnasp gb yjppdnod} `j}p

    b}gl sed Tnasdc Psjsdp an =99?.

    Sj}abbp j}d 5 yd}`dns an Fg}dj jnc =.4 yd}`dns an sed

    Tnasdc Psjsdp bg} yjppdnod} `j}p jnc yj}sp jnc j``dppg,}adp bg} jtsglgmahdp6 sj}abbp j}d :9 yd}`dns an Fg}dj jnc

    =4 yd}`dns an sed Tnasdc Psjsdp bg} s}t`fp. Lgps gb sed

    sj}abb mj}}ad}p an Fg}dj wahh md dhalanjsdc gn sed cjsd sed

    FG]TP BSJ dnsd}p ansg bg}`d. Sed sj}abb mj}}ad}p an sed

    Tnasdc Psjsdp wahh md dhalanjsdc gn sed cjsd sed FG]TP

    BSJ dnsd}p ansg bg}`d( wase pgld du`dysagnp; Bg} yjppdn,

    od} `j}p wase pyj}f aonasagn ansd}njh `glmtpsagn dnoandp

    wase `qhancd} `jyj`asq o}djsd} sejn 0(999 `` g} wase j

    `gly}dppagn aonasagn ansd}njh glmtpsagn dnoand( sed sj},

    abbp an sed Tnasdc Psjsdp wahh md }dlgrdc an se}dd dztjh

    jnntjh psjodp mdoannano gn sed cjsd sed FG]TP BSJ dn,

    sd}p ansg bg}`d. Pt`e yjppdnod} `j}p wahh md ctsq,b}dd( db,bd`sard Kjntj}q : gb qdj} se}dd.:9 Bg} s}t`fp( sj}abbp an sed

    Tnasdc Psjsdp wahh md }dlgrdc an :9 dztjh jnntjh psjodp

    mdoannano gn sed cjsd sed FG]TP BSJ dnsd}p ansg bg}`d

    jnc wahh md ctsq,b}dd( dbbd`sard Kjntj}q : gb qdj} :9.

    An jccasagn( cgldpsa` sjudp gn yjppdnod} `j}p an Fg}dj

    wahh md palyhadc jnc wahh mdnds sed yjppdnod} j}p wase

    hj}od} dnoand `qhancd} `jyj`asadp. Bg} jtsglgmahdp y}g,

    ct`dc mq jn jtsglgsard ljntbj`st}d} sejs pdhhp :9(999

    2

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    g} bdwd} tnasp yd} qdj} an Fg}dj( sed }dzta}dldns an sed

    lanapsd}ajh ngsa`d jcgysdc yt}ptjns sg sed Ja} Ztjhasq

    @gnpd}rjsagn J`s wahh ngs md jyyhadc. As ap duyd`sdc sejs

    lgps gb sed s}jcd gn`d}np mdswddn Fg}dj jnc sed Tnasdc

    Psjsdp an sed jtsglgmahd pd`sg} wahh md }dpghrdc wase sed

    yjppjod gb sed FG]TP BSJ.

    Ygsdnsajh Alyj`s gb sed FG]TP BSJ

    Sg dujland sed ygsdnsajh dbbd`sp gb sed FG]TP BSJ an

    sed jtsglgmahd pd`sg}( sed OSJY lgcdh %rd}pagn 2( wase

    sed qdj} =99: mjpdc cjsj pds! wjp tpdc.:: Sed OSJY lgc,

    dh ap j lthsa}doagn( lthsapd`sg}( `glytsjmhd odnd}jh dzta,

    ham}atl lgcdh jnc gbbd}p j psjncj}c lgcdhano b}jldwg}f

    sg gnct`s ztjnsasjsard jnjhqpdp gb ansd}njsagnjh s}jcd ap,

    ptdp an j ohgmjh jnc d`gnglqwacd `gnsdus. An rd}pagn 2

    gb sed OSJY cjsjmjpd( wd `jn lgcdh sed wg}hc d`gnglq

    bg} ty sg 5? `gtns}adp jnc }doagnp( jnc 4? `gllgcasadp

    jnc anctps}adp.

    Lgcdh pyd`a

    `jsagnp. Bg} sed yt}ygpd gb gt} jnjhqpap(sed 5? `gtns}adp jnc }doagnp an sed OSJY lgcdh wd}d

    `gnpghacjsdc ansg 5 `gtns}adp jnc }doagnp jp bghhgwp

    %Sjmhd :?!; Fg}dj %FG]!( sed Tnasdc Psjsdp %TP!( gsed}

    Jld}a`jn `gtns}adp %GJL!( Kjyjn %KJY!( gsed} Jpajn

    jnc G`djnaj `gtns}adp %GJP!( DT ldlmd} `gtns}adp

    %DT!( gsed} Dt}gydjn `gtns}adp %GDT!( jnc sed }dps gb

    sed wg}hc %]G_!. Sg palyhabq gt} jnjhqpap( 4? `gl,

    lgcasadp jnc anctps}adp an sed OSJY lgcdh wd}d o}gtydc

    ansg 5 `jsdog}adp; jo}a`thst}d( ped}q( jnc bggc %JOB!6

    sdusahdp jnc gsed} ljntbj`st}ano %SGL!6 edla`jh y}gc,

    t`sp %@EL!6 land}jh jnc ldsjh y}gct`sp %LLS!6 jtsg,

    lgmahdp jnc yj}sp %JLY!6:= gsed} s}jnpyg}sjsagn dztay,

    ldns %GSD!6 dhd`s}a` jnc dhd`s}gna` dztayldns %DDL!6

    `gnps}t`sagn jnc gsed} pd}ra`dp %@PR!.

    Yj}jldsd}p gb gn`d}n. Sj}abbp gn jtsglgmahdp jnc yj}sp

    j}d gnd gb sed lgps alyg}sjns yj}jldsd}p bg} gt} jnjhq,

    pap. S}jcd,wdaoesdc mahjsd}jh sj}abbp bg} jtsglgmahdp jnc

    yj}sp mdswddn swg gtns}adp g} }doagnp gn`d}ndc jn md`jh`thjsdc b}gl sed OSJY cjsjmjpd. Bg} dujlyhd( sedq

    j}d `jh`thjsdc jp ?.1 yd}`dns bg} Fg}djp alyg}sp b}gl

    sed Tnasdc Psjsdp jnc =.3 yd}`dns bg} T.P. alyg}sp b}gl

    Fg}dj %Sjmhd :5!.

    Gsed} mdejrag}jh yj}jldsd}p alyg}sjns bg} sed jnjhqpap

    j}d dhjpsa`asq gb ptmpsastsagn mdswddn cgldpsa` oggcp jnc

    joo}dojsd alyg}sp jnc sejs mdswddn sed alyg}sp b}gl cab,

    bd}dns `gtns}adp gb g}aoan %mjpdc gn sed J}lanosgn jp,

    ptlysagn!. Sed bg}ld} wjp jpptldc jp =.5 jnc sed hjs,

    sd} jp 4.2 bg} jtsglgmahdp jnc yj}sp an sed OSJY lgcdh

    rd}pagn 2. Sed dhjpsa`asq gb ptmpsastsagn cdsd}landp sed

    `gncasagnjh y}a`d }dpygnpardndpp sg cdljnc bg} cgldpsa`

    oggcp g} alyg}sp b}gl cabbd}dns gtns}adp gb g}aoan.

    ?

    :111 =999 =99: =99= =990 =993 =994 =992Duyg}sp

    _g}hc =9(292 =:(232 =:(035 =3(292 =2(505 =1(311 04(0?3 39(:?1

    Sgy bard lj}fdsp

    @jnjcj :=(020 :=(235 ::(=:3 :0(4=2 :3(95= :3(252 :2(:53 :5(950

    Od}ljnq :(:?4 :(:?? :(?25 =(?52 0(1=5 0(159 0(22: 4(:??

    Ldua`g =(05? 0(32= 0(?44 0(?11 0(:?5 0(15? 3(305 3(:29

    Pjtca J}jmaj 310 232 535 19: 229 :(939 =(:2= =(=2?

    Tnasdc Fanocgl 400 000 4=0 2=3 520 54= 5=: :(992

    Alyg}sp

    _g}hc :95(4=: :==(904 :=9(0:? :=?(42= :=?(192 :04(:35 :02(349 :35(023

    Sgy bard pgt}`dp

    @jnjcj 3=(=23 3=(=32 05(302 01(942 05(00= 30(=44 33(991 30(945

    Kjyjn =1(:1: 0=(91= 09(441 03(033 0:(412 0:(2=4 03(3:0 3=(515

    Od}ljnq :0(341 :3(231 :4(993 :?(?12 :1(?:: =9(034 :2(134 =:(?9:

    Ldua`g :0(5:2 =9(=:: =9(?=? :1(??0 :5(=2: :?(39? =9(09? :1(=00

    Fg}dj =(5?1 3(501 2(03: 2(?12 ?(100 :9(939 5(?21 5(?2:

    Pgt}`d; Sed ]gjc Jedjc bg} sed T.P. Jtsg Lj}fds %_jpeanosgn( C.@.; T.P. Cdyj}sldns gb @glld}`d( Gb`d gb Jd}gpyj`d jnc

    Jtsglgsard Anctps}adp( Lj}`e =99?!( essy;''www.asj.cg`.ogr'sc'jtsg'cgldpsa`'=99?]gjcJedjc.ycb.

    Sjmhd :2; T.P. Duyg}sp jnc Alyg}sp gb Yjppdnod} @j}p jnc Haoes S}t`fp( :111=993( an lahhagnp gb cghhj}p

    %duyg}sp; BJP6 alyg}sp; tpsglp rjhtd!

  • 8/3/2019 Implications of Liberalizing Korea-U.S. Trade in the Automobile Sector: Potential Impact of the Korea-U.S. Free Trade

    12/16

    Sjmhd :?; Pqlmghp Tpdc an sed Lgcdh @gtns}q jnc

    @gllgcasq @hjppa`jsagn

    @gtns}adp jnc }doagnp Pqlmgh

    Fg}dj FG]

    Tnasdc Psjsdp TP

    Gsed} Jld}a`jn gtns}adp GJL

    Kjyjn KJY

    Gsed} Jpajn jnc G`djnaj `gtns}adp GJP

    Dt}gydjn Tnagn ldlmd} gtns}adp DT

    Gsed} Dt}gydjn gtns}adp GDT]dps gb sed wg}hc ]G_

    @gllgcasadp jnc anctps}adp

    Jo}a`thst}d( baped}q( jnc bggc JOB

    Sdusahdp jnc gsed} ljntbj`st}ano SGL

    @edla`jh y}gct`sp @EL

    Land}jh jnc ldsjh y}gct`sp LLS

    Jtsglgmahdp jnc yj}sp JLY

    Gsed} s}jnpyg}sjsagn dztayldns GSD

    Dhd`s}a` jnc dhd`s}gna` dztayldns DDL

    @gnps}t`sagn jnc gsed} pd}ra`dp @PR

    Pgt}`d; ]d`hjppadc b}gl OSJY cjsjmjpd6 pdd Ohgmjh S}jcd Jnjh,

    qpap Y}gkd`s js Yt}ctd Tnard}pasq( essy;''www.osjy.jod`gn.yt}ctd.

    dct.

    Sjmhd :5; S}jcd,_daoesdc Mahjsd}jh Sj}abbp bg} Jtsg,

    lgmahdp jnc Yj}sp( yd}`dnsjod

    Duyg}sd}

    Alyg}sd}

    FG] TP GJL KJY GJP DT GDT ]G_

    FG] 9.9 =.3 :4.3 9.9 02.3 :9.0 3.= :5.1

    TP ?.1 9.9 9.1 9.9 :1.9 2.3 4.= :=.1

    GJL 5.9 9.9 :=.= 9.9 =3.3 :.2 3.9 :1.1

    KJY ?.1 =.3 :=.4 9.9 =3.= 5.2 4.4 :9.0

    GJP ?.3 :.3 1.5 9.9 :2.2 3.3 3.= ::.=

    DT 5.9 =.= :3.3 9.9 =?.? 9.0 0.4 :3.4

    GDT ?.4 :.9 ::.4 9.9 :5.3 :.9 =.: =2.:

    ]G_ ?.4 9.9 :=.9 9.9 :1.4 0.5 0.4 ?.3

    Pgt}`d; @jh`thjsdc b}gl sed OSJY cjsjmjpd( rd}pagn 26 pdd Ohgmjh

    S}jcd Jnjhqpap Y}gkd`s js Yt}ctd Tnard}pasq(

    essy;''www.osjy.jod`gn.yt}ctd.dct.

    Ygha`q palthjsagnp. Bg} sed mjpd ygha`q palthjsagn %PAL

    A!( sj}abbp gn jtsglgmahdp jnc yj}sp j}d jpptldc sg md

    }d,lgrdc mdswddn sed swg paonjsg}adp sg sed FG]TP

    BSJ %pdd Sjmhd :1!. Sg yanygans sed dbbd`sp gb sed BSJ

    an jtsglgmahdp jnc yj}sp( sj}abbp an gsed} pd`sg}p }dljan

    tn`ejnodc. Jp jn jhsd}njsard ygha`q palthjsagn %PAL AA!(

    wd s}adc sg `gnpacd} aly}grdldnsp an `gnptld} yd}`dy,

    sagnp gb alyg}sdc jtsglgmahdp an jccasagn sg sed dhalanj,

    sagn gb sj}abbp an jtsglgmahdp jnc yj}sp mdswddn Fg}dj

    jnc sed Tnasdc Psjsdp. Sg an`g}yg}jsd sed aly}grdldns an

    sed OSJY lgcdh( wd jcktps sed J}lanosgn dhjpsa`asq( sed

    cdo}dd gb ptmpsastsagn mdswddn cgldpsa` jnc alyg}sdc

    jtsglgmahdp jnc yj}sp %=.5! sg md sed pjld rjhtd jp sed

    dhjpsa`asq gb ptmpsastsagn jlgno sed alyg}sp b}gl cabbd},

    dns gtns}adp gb g}aoan an sed pjld pd`sg} %4.2!.:0 Pg( gn,

    casagnjh y}a`d }dpygnpardndpp an `gnptld} cdljnc wahh

    md sed pjld mdswddn cgldpsa` oggcp jnc alyg}sp jnc

    jlgno alyg}sp b}gl cabbd}dns `gtns}adp gb g}aoan an sed

    jtsglgmahd pd`sg}.

    Sjmhd :1; Ygha`q Palthjsagnp

    Cdp`}aysagn

    PAL A Mjpd palthjsagn; Sj}abb mj}}ad}p j}d }dlgrdc md,

    swddn Fg}dj jnc sed Tnasdc Psjsdp an jtsglgmahdp

    jnc yj}sp. Sj}abb mj}}ad}p an gsed} gllgcasadp jnc

    anctps}adp jnc an gsed} `gtns}adp jnc }doagnp }dljan

    tn`ejnodc.

    PAL AA Jhsd}njsard palthjsagn; An jccasagn sg PAL A.Lgcabq sed J}lanosgn yj}jldsd} bg} jtsglgmahdp

    jnc yj}sp %=.5! jp sed pjld rjhtd jp sed dhjpsa`asq

    gb ptmpsastsagn jlgno sed alyg}sp b}gl cabbd}dns

    `gtns}q gb g}aoan an sed pjld pd`sg} %4.2!.

    Pgt}`d; Jtseg}p jh`thjsagnp.

    Md`jtpd gb sj}abb dhalanjsagn bg} jtsglgmahdp jnc yj}sp

    mdswddn Fg}dj jnc sed Tnasdc Psjsdp %PAL A!( duyg}sp

    jnc alyg}sp an sed pd`sg} j}d `jh`thjsdc jp an`}djpano an

    sed swg BSJ paonjsg}q `gtns}adp. B}gl sed mjpd palthj,

    sagn %PAL A!( duyg}sp b}gl Fg}dj sg sed Tnasdc Psjsdp

    j}d `jh,`thjsdc sg an`}djpd mq :=.5 yd}`dns jnc b}gl sedTnasdc Psjsdp sg Fg}dj mq 39.: yd}`dns( }dd`sano sed cab,

    bd}dn`d an sj}abbp mdswddn sed swg `gtns}adp %Sjmhd =9j!.

    Mq jy,yhqano sedpd }jsdp gb `ejnod sg mjpd,qdj} %=99:!

    mahjsd}jh s}jcd cjsj %b}gl Fg}dj sg sed Tnasdc Psjsdp

    #2(121.3 lah,hagn( jnc b}gl sed Tnasdc Psjsdp sg Fg}dj

    #0=0.5 lahhagn6 pdd Sjmhd =9m!( wd `jh`thjsd jn an`}djpd

    an rjhtd sd}lp gb mahjsd}jh duyg}sp gb jtsglgmahdp jnc

    yj}sp b}gl Fg}dj sg sed Tnasdc Psjsdp gb #51=.: lahhagn

    jnc b}gl sed Tnasdc Psjsdp sg Fg}dj gb #:=1.5 lahhagn.

    Setp( sed `ejnodp an sed mahjsd}jh s}jcd mjhjn`d an sed

    jtsglgmahd pd`sg} wahh md j #?2=.0 lahhagn an`}djpd an

    sed pt}yhtp bg} Fg}dj jnc jn dztarjhdns an`}djpd an sedcd`as bg} sed Tnasdc Psjsdp.

    Mq jccano sed aly}grdldns gb gnptld} }dpygnpardndpp

    bg} alyg}sp an sed jtsglgmahd pd`sg} %PAL AA!( wd `jn

    ods bt}sed} an`}djpdp an mahjsd}jh duyg}sp grd} sed mjpd

    palthj,sagn %PAL A!( sejs ap( b}gl Fg}dj sg sed Tnasdc

    Psjsdp jn an`}djpd gb #=9.1 lahhagn jnc b}gl sed Tnasdc

    Psjsdp sg Fg}dj jn an`}djpd gb #2.5 lahhagn. Sed mahjsd}jh

    s}jcd mjh,jn`d an sed jtsglgmahd pd`sg} wahh md `ejnodc

    bt}sed}; j #:3.: lahhagn an`}djpd an Fg}djp pt}yhtp jnc

    an sed T.P. cd`as. Sejs ap( sed aly}grdldns gb gnptld}

    }dpygnpard,ndpp bg} alyg}sp an sed jtsglgmahd pd`sg} wahhm}ano jcca,sagnjh o}gwse an mahjsd}jh s}jcd mdswddn Fg,

    }dj jnc sed Tnasdc Psjsdp an sed jtsglgmahd pd`sg} gw,

    ano sg sed dhalanjsagn gb mahjsd}jh sj}abbp. Sed dbbd`sp wahh

    md hj}od} an rjhtd bg} Fg}dj }dhjsard sg sed Tnasdc Psjsdp

    md`jtpd Fg}dj ejp j `glyj}jsard jcrjnsjod grd} sed

    Tnasdc Psjsdp an sed jtsglgmahd pd`sg}6 an gsed} wg}cp(

    Fg}dj ejp mddn lt`e lg}d pt``dppbth an j``dppano sed

    T.P. lj}fds sejn sed Tnasdc Psjsdp ejp mddn an j``dppano

    sed Fg}djn lj}fds.:3

    5

  • 8/3/2019 Implications of Liberalizing Korea-U.S. Trade in the Automobile Sector: Potential Impact of the Korea-U.S. Free Trade

    13/16

    Bg} sed ohgmjh s}jcd an jtsglgmahdp jnc yj}sp( mahjsd}jh

    sj}abb dhalanjsagn mdswddn Fg}dj jnc sed Tnasdc Psjsdp%PAL A! wahh an`}djpd sed swg `gtns}adp duyg}sp jnc al,

    yg}sp gb jtsglgmahdp jnc yj}sp js sed duydnpd gb gsed}

    `gtns}adp %Sjmhdp =:j jnc=:m!. GJL jnc KJY wahh pdd

    sed hj}odps ndojsard dbbd`s( bghhgwdc mq GJP( an mgse seda}

    duyg}sp jnc alyg}sp gb jtsglgmahdp jnc yj}sp md`jtpd

    sedq j}d glydsano wase Fg}dj an sed T.P. lj}fds jp wdhh

    jp `glydsano wase sed Tnasdc Psjsdp an Fg}djp lj}fds.

    Egwdrd}( aly}grdldnsp an `gnptld} }dpygnpardndpp sg,

    wj}c alyg}sp an sed jtsglgmahd pd`sg} an jccasagn sg sed

    mjpd palthjsagn %PAL AA! wahh cabbtpd sed mahjsd}jh sj}abb

    dhalanjsagn dbbd`sp jhh grd} sed wg}hc( jnc wahh an`}djpd

    drd}q `gtns}qp g} }doagnp duyg}sp jnc alyg}sp an sed jt,sglgmahd pd`sg}( ngs ktps an`}djpd mahjsd}jh s}jcd mdswddn

    Fg}dj jnc sed Tnasdc Psjsdp. Jp j }dpths( sed nds dbbd`s

    %b}gl PAL AA grd} PAL A! wahh md mdnd`ajh jhh j}gtnc sed

    wg}hc du`dys an Fg}dj jnc sed Tnasdc Psjsdp.

    Bg} wdhbj}d( Fg}dj ap `jh`thjsdc sg ejrd j #:?5.: lah,

    hagn ojan an rjhtd sd}lp bg} %PAL A! jnc j #:2:.? lahhagn

    ojan an rjhtd sd}lp bg} %PAL AA!.:4 Egwdrd}( sed Tnasdc

    Psjsdp ap `jh`thjsdc sg ejrd j pljhh hgpp( lgpshq `jtpdc

    mq s}jcd card}pagn dbbd`sp; j #:1.1 lahhagn hgpp an rjhtd

    sd}lp bg} %PAL A! jnc j #3?.3 lahhagn hgpp an rjhtd sd}lp

    bg} %PAL AA!.

    Alyha`jsagnp

    _d j}d jmhd sg cd}ard pgld ygppamhd alyha`jsagnp b}gl

    sed y}d`dcano cap`tppagn.

    Ba}ps( nddchdpp sg pjq( drd}q lgcdh g} bg}d`jps ejp asp

    wdjf ygansp. Sed OSJY lgcdh( drdn wase asp ps}gno

    `ej}j`sd}apsa`p gb ygppdppano j lthsa`gtns}q( lthsapd`sg}

    jnjhqpap `jyjmahasq( ap ngs jn dlya}a`jh psjsapsa`jh lgcdh

    mts j ljsedljsa`jh `jh`thjsagn lgcdh( jnc as ap edjrahqcdydncdns gn pgld yj}jldsd}p( bg} dujlyhd( dhjpsa`asq

    gb ptmpsastsagn mdswddn cgldpsa` oggcp jnc alyg}sp( sejs

    j}d cab`ths sg dpsaljsd jnc ejp sg md jpptldc. Pg sed

    palthjsagn }dpthsp nddc sg md `gnpacd}dc jp j }dbd}dn`d.

    Pd`gnc( wd jnngs grd}dlyejpa{d sed alyg}sjn`d gb gm,

    pd}rano gt} d`gngladp gn sed weghd. Sejs ap( drdn segtoe

    sed jtsglgmahd pd`sg} ap alyg}sjns bg} mgse Fg}dj jnc sed

    Tnasdc Psjsdp( wd `jnngs sgsjhhq pdyj}jsd sed pd`sg} b}gl

    segpd d`gngladp sg j}}ard js j bja} jnc mjhjn`dc drjhtj,

    sagn gb d`gngla` dbbd`sp b}gl( bg} dujlyhd( sed FG]TP

    BSJ. Rj}agtp anctps}adp jnc d`gngla` pd`sg}p j}d `hgpdhqhanfdc jnc `glyhdldns dj`e gsed}.

    Sea}c( sg ojan mdndsp b}gl s}jcd hamd}jha{jsagn g} drdn

    b}gl sed aly}grdldns gb `gnptld} yd}`dysagnp jojanps

    alyg}sp( glyj}jsard jcrjnsjod nddcp sg md j``glyjnadc

    mq gsed} ldjpt}dp. An gsed} wg}cp( s}jcd hamd}jha{jsagn ap

    ngs j ptb`adns `gncasagn( mts as ap j nd`dppj}q `gncasagn

    sg j`eadrd ojanp b}gl s}jcd duyjnpagn.

    Bgt}se( wd nddc sg hdj}n b}gl `glydsasagn jnc b}gl gt}

    pt``dppbth `glydsasg}p. Pt``dppbth `glydsasg}p ngs gnhq

    j}d sed hdjcd}p gb lj}fds s}dncp mts jhpg j}d rd}q }dpygn,pard sg sed lj}fds. Drd}q lj}fds wjnsp rj}adsq mts dj`e

    ejp asp gwn pyd`a` cdljncp.

    Babse( mgse `glydsasagn jnc `ggyd}jsagn j}d alyg}sjns.

    Fg}dj jnc sed Tnasdc Psjsdp j}d jnc `jn md `glyhdldn,

    sj}q( dpyd`ajhhq an sed btst}d jtsglgmahd lj}fds. Sedq `jn

    `ggyd}jsd bt}sed} an cdpaonano( ljntbj`st}ano( caps}amts,

    ano( jnc pd}ra`ano jnc ljansjanano jtsglgmahdp jp wdhh

    jp `j}}q gts }dpdj}`e jnc cdrdhgyldns bg} ndus,odnd}j,

    1

    Sjmhd =9j; Mahjsd}jh S}jcd mdswddn Fg}dj jnc sed Tnasdc Psjsdp an sed Jtsglgmahd Pd`sg}

    Pgt}`d; Jtseg}p jh`thjsagnp.

    @gtns}q

    Mahjsd}jh duyg}sp an

    jtsglgmahdp jnc

    yj}sp %lahhagnp gb

    cghhj}p!

    @ejnodp an mahjsd}jh duyg}sp an

    jtsglgmahdp jnc yj}sp %yd}`dns!

    @ejnodp an mahjsd}jh duyg}sp an

    jtsglgmahdp jnc yj}sp %lahhagnp gb cghhj}p!

    Rjhtd an mjpd qdj} PAL A %J!PAL AA

    %M!Nds dbbd`s

    %MJ! PAL A %J! PAL AA %M!Nds dbbd`s

    %MJ!

    FG] sg TP 2(121.3 :=.5 :0.: 9.0 51=.: 1:0.9 =9.1

    TP sg FG] 0=0.5 39.: 3=.= =.: :=1.5 :02.2 2.5

    Sjmhd =9m; Mahjsd}jh S}jcd mdswddn Fg}dj jnc sed Tnasdc Psjsdp an sed Jtsglgmahd Pd`sg}

    @gtns}q

    Mahjsd}jh duyg}sp an

    jtsglgmahdp jnc yj}sp

    %lahhagnp gb cghhj}p!

    @ejnodp an mahjsd}jh s}jcd mjhjn`d an jtsglgmahdp jnc yj}sp %lahhagnp

    gb cghhj}p!

    Rjhtd an mjpd qdj} PAL A %J! PAL AA %M! Nds dbbd`s %MJ!

    FG] 2(121.3 ?2=.0 ??2.3 :3.:

    TP 0=0.5 ,?2=.0 ,??2.3 ,:3.:

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    @gtns}q

    g} }doagn

    Duyg}sp an jtsglgmahdp jnc yj}sp Alyg}sp an jtsglgmahdp jnc yj}spS}jcd mjhjn`d an jtsglgmahdp jnc

    yj}sp

    PAL A %J! PAL AA %M!

    Nds dbbd`s

    %M,J! PAL A %J! PAL AA %M!

    Nds dbbd`s

    %M,J! PAL A %J!

    PAL AA

    %M!

    Nds dbbd`s

    %M,J!

    FG] 4.24 4.50 9.:5 3.00 2.35 =.:4 ?21.2 ?39.4 ,=1.:

    TP 9.:? 9.== 9.94 9.=: 9.39 9.:1 ,==:.0 ,354.= ,=20.1

    GJL 9.04 ,9.:5 9.:? ,9.91 ,9.94 9.93 ,=:3.1 ,::0.= :9:.?

    KJY 9.== ,9.:: 9.:: ,9.9= 9.9992 9.9= ,:?1.9 ,55.4 19.4GJP 9.:2 9.993 9.:2 ,9.993 9.992 9.9: ,:?.= ,:.4 :4.?

    DT ,9.92 ,9.90 9.90 ,9.9: ,9.993 9.9: ,:33.: ,21.4 ?0.2

    GDT ,9.93 ,9.9: 9.90 9.99990 9.99= 9.99= ,=.9 ,:.: 9.1

    ]G_ ,9.92 ,9.90 9.90 ,9.990 ,9.999? 9.99= ,:.2 ,9.1 9.?

    @gtns}q g}

    }doagn

    Y}gct`sagn an jtsglgmahdp jnc

    yj}sp S}jcd mjhjn`d %grd}jhh! _dhbj}d %DR!

    PAL A %J! PAL AA %M!

    Nds

    dbbd`s

    %M,J! PAL A %J! PAL AA %M!

    Nds

    dbbd`s %M,

    J! PAL A %J! PAL AA %M!Nds dbbd`s

    %M,J!

    FG] =.?? =.24 ,9.:= 2.3 :=.2 2.= :?5.: :2:.? ,:2.3

    TP ,9.94 ,9.:= ,9.9? ,50.2 ,?9.2 :0.9 ,:1.1 ,3?.3 ,=?.4

    GJL ,9.=: ,9.:: 9.:9 :4.? 1.= ,2.4 ,30.1 ,==.0 =:.2

    KJY ,9.:9 ,9.94 9.94 =4.4 :4.4 ,:9.9 ,=:.3 ,=.4 :5.1

    GJP ,9.9= ,9.993 9.9= ?.4 ?.4 9.9 ,==.4 ,:4.? 2.5

    DT ,9.93 ,9.9= 9.9= ==.9 :1.? ,=.0 ,:3.3 ,0.3 ::.9

    GDT ,9.992 ,9.993 9.99= =.: =.2 9.4 9.= 9.2 9.3

    ]G_ ,9.9= ,9.9: 9.9: 3.0 0.4 ,9.5 ,4.0 ,=.? =.2

    sagn jtsglgmahdp pt`e jp dnra}gnldnsjhhq b}adnchq jncdnd}oq,db`adns jtsglgmahdp( eqm}ac g} btdh,`dhh j}p.

    Pause( sed wg}hc jtsglgmahd lj}fds ap `ejnoano. Kjyjn

    jnc Od}ljnq j}d ngs sed gnhq `glydsasg}p. Sed dld}oano

    @eandpd jnc Ancajn lj}fdsp wahh md ngs gnhq jn gyyg}st,

    nasq mts jhpg j se}djs. @ggyd}jsagn mjpdc gn glyhdldn,

    sj}asq mdswddn Fg}dj jnc sed Tnasdc Psjsdp wahh ljua,

    la{d sed gyyg}stnasq jnc lanala{d sed se}djs.

    Pdrdnse( Fg}djp lj}fds bg} jtsglgmahd alyg}sp ap o}gw,

    ano jp `gnptld}p j}d cdljncano tyo}jcdp bg} cgldpsa`

    jtsglgmahdp( pddfano y}a`d }dct`sagnp md`jtpd gb yj},jhhdh alyg}sp( jnc duyd}adn`ano aly}grdldnsp an seda}

    yd}`dysagnp gb alyg}sp. Cdljnc bg} alyg}sp ejp mddn

    card}pabqano b}gl gnhq htut}q jtsglgmahdp sg g}canj}q

    jtsglgmahdp. Kjyjndpd jtsgljfd}p ejrd mddn j`sard an

    }dpygncano sg sedpd lj}fds cdljncp. T.P. jtsgljfd}p

    laoes wjns sg tpd seap gyyg}stnasq md`jtpd T.P. jtsg,

    lgmahdp ejrd j `glyj}jsard jcrjnsjod an sed g}canj}q

    jtsglgmahd lj}fds }jsed} sejn an sed htut}q lj}fds an

    Fg}dj. T.P. jtsgljfd}p nddc sg md }dpygnpard sg Fg}djn

    `gnptld}p md`jtpd Fg}djn jtsglgmahd mtqd}p j}d rd}qpdhd`sard.

    Dncngsdp

    : EP cdngsdp sed Ej}lgna{dc @gllgcasq Cdp`}aysagn jnc @gcano

    Pqpsdl( fngwn jp sed ej}lgna{dc pqpsdl. EP( cdrdhgydc mq sed

    _g}hc @tpsglp G}ojna{jsagn %_@G!( ap j lthsayt}ygpd oggcp ng,

    ldn`hjst}d tpdc jp sed mjpap bg} sj}abbp jnc bg} sed `glyahjsagn gb

    s}jcd psjsapsa`p jhh grd} sed wg}hc.= ]dbd} sg sed Ngsd bghhgwano Sjmhd 1 bg} sed ptm`jsdog}adp tncd}

    EP 5?.0 Sed ]@J ancdu cdngsdp `glyj}jsard jcrjnsjod an sd}lp gb du

    ygps yd}bg}ljn`dp an ansd}njsagnjh s}jcd. Lg}d pyd`a`jhhq( sed

    ]@J ancdu gb `gtns}q a an `gllgcasq k ap `jh`thjsdc jp; ]@Jak