Bilateral Trade Agreements: China and Korea Bilateral trade agreements occur as significant initiatives for the growth of economies in various nations. The China-South Korean trade pact has endeavored to deepen the strategic and cooperative partnership between the two nations. Today, China is South Korea's largest trading partner. Bilateral pacts established the U.S. in China, and South Korea has enabled the U.S. to deepen its trading ties with these Asian countries leading to an increase in trade deficits (White House, 2015). These trade pacts have established a platform for economic progress of these nations leading to increased cooperation and collaboration.

Advantages

Bilateral trade pacts are easier to negotiate based on the aspect that they only involve two nations. As a result, they can materialize quick enough to enable both the nations to benefit economically. The U.S.-China bilateral agreement has enabled the two nations to benefit economically on a large scale. U.S. exports to China, especially in the service industry accounts for the widening trade deficit in the U.S. Currently, the trade deficit of the U.S. stands at $48.3 billion, a 15.6% increase from the previous year. On the other hand, China benefits from the inflows of manufactured products such as cell phones, PCs, and other electronics amounting to $480 billion (White House, 2015).

II. Creation of jobs and opportunities for citizens with the trading pacts. Expansion of the manufacturing and service industry leads to an expanded scope of job opportunities available for individuals within the trading countries.

Bilateral trading pacts trigger competition from bilateral agreements established between other nations. For example, the China-Russia bilateral trade has depicted some form of competition between U.S. and Russia for China's goodies. In this case, heightened political ideologies may come into play leading to competing nations for a particular nation's goodies.
II. Competition depicted between the existing countries may overshadow the gains realized between the two nations. In 2009, for example, President Obama announced the introduction of tariffs on tire imports to the U.S. of up to 35%. Later, China announced its commencement of antidumping investigations against some of U.S.'s auto parts and chicken products. In this case, elements of internal competition arise that may jeopardize some of the gains realized in trade between the two nations.

Pending Applications, Candidate Countries, or Associate Members

Kosovo is a probable candidate to join the EU as its application is still pending. Turkey completed negotiations on joining the EU. However, the EU nations are still divided on whether Turkey should join the union. Candidate nations whose applications are still pending include Iceland, Macedonia, and Montenegro. Bosnia-Hercegovina has failed to apply formally for EU membership (BBC News, 2014). Nations in line for future membership of WTO include Samoa, Montenegro, Vanuatu, and Russia. Additionally, there currently exists 26 nations that are negotiation their WTO membership and include Seychelles, Algeria, Yemen, and Ethiopia amongst…