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Wine Market Makes Case for Free Trade

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"Since Chile and South Korea signed a free-trade deal in 2003, Chile has beaten stiff competition from Europe and the U.S. to become the highest volume seller of wine to South Korea," the WSJ Economics blog reports. "It is a shift being used to persuade other countries to chase — or, in the case of the U.S., ratify — similar deals. Officials also are using it to illustrate how lucrative a trade deal can be for exporters jockeying for position in foreign markets. Should a country like Japan beat the U.S. to enacting a trade deal with South Korea, for example, its Toyotas and Hondas would be better positioned to join the Hyundais and Kias dominating South Korean roads, said Kyung-Tae Lee, president of Korea’s Institute for International Trade, the country’s top trade promotion group."