U.S. to push ahead with Korea FTA ratification: Geithner

By Hwang Doo-hyong
WASHINGTON, Feb. 3 (Yonhap) -- The Obama administration will push to gain
congressional approval of pending free trade deals with South Korea, Panama and
Colombia as part of its efforts to create jobs through increased exports,
Treasury Secretary Timothy Geithner said Wednesday.
Speaking to a House Ways and Means Committee hearing, Geithner said the
administration will "work together to pass strong trade agreements that will
expand opportunities in those foreign markets."
He said he supports "having trade agreements" with South Korea, Colombia and
Panama, fearing any failure to ratify the deals would jeopardize U.S.
competitiveness in South Korea and other U.S. trading partners, which are seeking
free trade deals among themselves.
Geithner's words followed Obama's pledge in his first State of the Union address
last week to enhance trade with South Korea, Colombia and Panama to help the
economy recover from the worst recession in decades,
"We have to seek new markets aggressively, just as our competitors are," Obama
said. "If America sits on the sidelines while other nations sign trade deals, we
will lose the chance to create jobs on our shores. That's why we will continue to
shape a Doha trade agreement that opens global markets, and why we will
strengthen our trade relations in Asia and with key partners like South Korea,
Panama, and Colombia."
South Korea late last year initialed a free trade agreement with the European
Union, and is actively seeking similar pacts with the Association of Southeast
Asian Nations, China, Japan, Canada, Colombia and several other countries.
South Korea has been pressing Obama to submit the pact to Congress by this
summer, fearing that any further delay may jeopardize the chance of the deal
passing through Congress this year due to the politically sensitive mid-term
elections in November.
U.S. officials have complained about the imbalance in auto trade and the
restricted shipment of U.S. beef, hoping to address such concerns in side
agreements without revising the text of the deal, signed in 2007.
On the timeline of the Korea FTA's ratification, Obama, however, hinted Friday
the process may take several years, citing the time needed to address concerns
involved.
"I will be talking more about trade this year," Obama said. "It's going to have
to be trade that combines opening their markets with an enforcement mechanism, as
well as just opening up our markets. I think that's something that all of us
would agree on. Let's see if we can execute it over the next several years."
Deputy U.S. Trade Representative Demetrios Marantis also discussed difficulty
last week.
"We hope to come up with a solution that works, but it will be hard to do," he
said. "There is a bad history in the automobile market in Korea, with practices
that have excluded foreign automakers. Substance will drive the timing."
Kurt Campbell, assistant secretary of state for East Asian and Pacific Affairs,
last Wednesday called for patience, saying, "Put it in a larger context. We are
doing many other things that could not be more supportive of South Korea. So we
ask you to take that into consideration."
Campbell was discussing health care and financial reform, economic recovery
legislation and other more pressing issues Obama faces.
hdh@yna.co.kr
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