(WSJ) - Since free-trade deals haven't brought down wine prices as much as promised, Seoul is now under pressure to deregulate further. During debates in the U.S. and Korea over ratification of the free-trade agreement, politicians fought over the macroeconomic effects on employment, trade flows and investment. Now that the deal is coming into effect, implications for individual businesses and consumers are just starting to come into focus. One of the most interesting case studies is the wine industry, which is seeing significant—and somewhat unexpected—changes. With a population of 49 million people each consuming an average of eight liters of alcohol annually, Korea has long been a desirable market for foreign vintners. Yet they have faced stiff tariffs and taxes.