On April 1, 2007, the United States Trade Representative announced the conclusion of a Free Trade Agreement (FTA) between the U.S. and the Republic of Korea, and soon thereafter released a summary of the agreement. The summary of the agreement describes a pharmaceutical chapter that appears modeled on, and in many ways appears to exceed, regulations of the operation of public pharmaceuticalreimbursement formularies included in the 2004 Australia-US FTA. Professor Tom Faunce is Director of the Centre for Governance of Knowledge and Development's Globalization and Health Project. He is the Project Director of a three year Australian Research Council Project on the Impact of International Trade Agreements on Access to Medicines in Australia. Sean Flynn is the Associate Director of the Washington College of Law and counsel to the Forum on Democracy and Trade's state working group on pharmaceuticals and trade.