KORUS FTA beneficial to both sides: U.S. official

SEOUL, April 28 (Yonhap) -- The free trade deal between South Korea and the U.S. is beneficial to both countries, a top U.S. trade official said Thursday, claiming that it will further boost bilateral economic and strategic ties. The free trade agreement (FTA), signed in 2007, has been awaiting approval from the legislatures of the two countries. The U.S. government has recently been making a strong push to get the deal, known as the KORUS FTA, through Congress. In December, Seoul and Washington agreed on a supplemental agreement to address U.S. concerns over the lopsided auto trade, the biggest hurdle to getting congressional approval of the deal. "I am confident that this agreement will be good for companies and workers in both countries, and create more jobs as well," Commerce Secretary Gary Locke said during a luncheon meeting with business leaders here. "This agreement will further strengthen strategic relations that are strong and growing," he sid. Locke said the free trade deal will increase investments in South Korean industries including service, medical and logistics. Locke and a group of members of the House of Representatives arrived in Seoul on Tuesday for a three-day visit to build support for the free trade accord awaiting legislative approval in both countries. The U.S. delegation follows a quick stopover in Seoul early this month by U.S. Secretary of State Hillary Clinton, who said both countries are in the "home stretch" of their years-long efforts to have the deal ratified by both legislatures. During a meeting with Locke on Wednesday, South Korean President Lee Myung-bak asked the visiting U.S. secretary of commerce to make greater efforts for an early ratification of the free trade agreement between the two countries, saying the deal would bring a great deal of benefits to both sides. Lee called for more efforts to help the free trade deal to win congressional approval at an early date so that "businesses and peoples of the two countries can enjoy the enormous economic and strategic benefits" it will bring about. Locke said during the meeting with Lee that he anticipates an early ratification of the pact because bipartisan support has been formed in Congress for the deal. He also pledged to make every effort toward that goal and asked Seoul to do the same. "The free trade deal will make markets closer and Korean consumers will enjoy low prices," he said. "This is a win-win agreement," he said. Last week, U.S. Trade Representative Ron Kirk expressed hope that Congress would begin deliberating the free trade pact early next month when the Easter recess ends. He has said the pact will be sent to Congress separately from deals with Panama and Colombia. Kirk has urged Congress to approve the Korea deal "this spring" so as not to lag behind the EU, which ratified a similar deal with Seoul set to take effect on July 1. Some congressional Republicans threaten to block Obama's nomination for Commerce Secretary Locke's replacement unless Obama sends to Congress the Korea FTA together with similar deals with Colombia and Panama. Locke has been appointed U.S. ambassador to China. Meanwhile, South Korea's ruling Grand National Party is waiting for the U.S. Congress to approve the Korea FTA first before it moves for the deal's ratification in South Korea, where the liberal major opposition party opposes the deal due to fears of an adverse impact on the agricultural industry. The GNP holds a majority in the unicameral assembly. South Korea posted a trade surplus of US$9.4 billion with the U.S. in 2010, with two-way trade topping $90 billion, according to data compiled by the Korea International Trade Association. The pact will help South Korea's trade surplus with the U.S. widen by $463 million annually over 10 years, aided by increased exports of automobiles, electronics and textiles, the Korea Institute for International Economic Policy estimated earlier.