ID :
27700
Fri, 10/31/2008 - 10:40
Auther :
Shortlink :
https://www.oananews.org//node/27700
The shortlink copeid
Gov't, ruling party agree to speed up passage of Korea-U.S. FTA
SEOUL. Oct. 31 (Yonhap) -- The government and the ruling party agreed Friday to increase efforts to promptly pass a free trade agreement (FTA) with Washington in a bid to help the world's 13th-larget economy retain momentum amid growing global economic uncertainties.
Seoul's eight-month-old Lee Myung-bak government has been seeking parliamentary
approval of the much-delayed trade pact, particularly since resuming U.S. beef
imports in June. It submitted the motion to the National Assembly on Wednesday in
the second of such attempts.
The agreement, struck under the former Roh Moo-hyun government, has been pending
with the legislatures of both countries for over a year.
"The party and the government agreed to set up a joint task force to actively and
promptly work on ratification of the Korea-U.S. FTA," said Yoon Sang-hyun,
spokesman of the ruling Grand National Party (GNP). "Agreements were also made on
settling various measures on deregulation, tax cuts and market stimulation."
The Seoul-Washington free trade pact has been billed as the most significant
event in bilateral relations since the military accord of 1953. Economically, it
is expected to boost two-way trade, already worth an annual US$79 billion, by as
much as $20 billion in the coming years.
Business groups here want early ratification of the agreement, complaining that
the delay is causing heavy losses to South Korean exporters of manufactured goods
to the world's biggest market.
Farmers, however, are demanding sufficient compensation and countermeasures,
fearing they will not be able to compete with cheaper imported products once the
deal is finalized.
The main opposition Democratic Party is also hesitant to accept the agreement,
citing uncertainties in the U.S. Congress and public sentiment here which links
the trade pact with the unpopular beef imports deal.
The ruling GNP controls an absolute majority of 172 seats in the 299-member
unicameral house, while the main opposition and minority parties hold the rest.
Trade officials here have admitted it is unlikely that Washington will ratify the
FTA with Seoul anytime soon given the upcoming presidential election in November.
U.S. President George W. Bush has also been unsuccessful in getting the
Democratic-controlled Congress to pass the deal.
Experts predict Korea will face further difficulty in settling the deal with
Washington next year if Barack Obama, the U.S. Democratic presidential candidate,
wins the election.
Obama, who leads his Republican rival John McCain in national polls, has stated
that he opposes a bilateral free trade agreement with South Korea. U.S.
Democrats, whose traditional base has been the nation's unions, have often voted
against such trade pacts.
hayney@yna.co.kr
(END)
Seoul's eight-month-old Lee Myung-bak government has been seeking parliamentary
approval of the much-delayed trade pact, particularly since resuming U.S. beef
imports in June. It submitted the motion to the National Assembly on Wednesday in
the second of such attempts.
The agreement, struck under the former Roh Moo-hyun government, has been pending
with the legislatures of both countries for over a year.
"The party and the government agreed to set up a joint task force to actively and
promptly work on ratification of the Korea-U.S. FTA," said Yoon Sang-hyun,
spokesman of the ruling Grand National Party (GNP). "Agreements were also made on
settling various measures on deregulation, tax cuts and market stimulation."
The Seoul-Washington free trade pact has been billed as the most significant
event in bilateral relations since the military accord of 1953. Economically, it
is expected to boost two-way trade, already worth an annual US$79 billion, by as
much as $20 billion in the coming years.
Business groups here want early ratification of the agreement, complaining that
the delay is causing heavy losses to South Korean exporters of manufactured goods
to the world's biggest market.
Farmers, however, are demanding sufficient compensation and countermeasures,
fearing they will not be able to compete with cheaper imported products once the
deal is finalized.
The main opposition Democratic Party is also hesitant to accept the agreement,
citing uncertainties in the U.S. Congress and public sentiment here which links
the trade pact with the unpopular beef imports deal.
The ruling GNP controls an absolute majority of 172 seats in the 299-member
unicameral house, while the main opposition and minority parties hold the rest.
Trade officials here have admitted it is unlikely that Washington will ratify the
FTA with Seoul anytime soon given the upcoming presidential election in November.
U.S. President George W. Bush has also been unsuccessful in getting the
Democratic-controlled Congress to pass the deal.
Experts predict Korea will face further difficulty in settling the deal with
Washington next year if Barack Obama, the U.S. Democratic presidential candidate,
wins the election.
Obama, who leads his Republican rival John McCain in national polls, has stated
that he opposes a bilateral free trade agreement with South Korea. U.S.
Democrats, whose traditional base has been the nation's unions, have often voted
against such trade pacts.
hayney@yna.co.kr
(END)
