S. Korea rules out renegotiation of free trade deal with U.S.

SEOUL, Nov. 5 (Yonhap) -- South Korea on Wednesday ruled out the possibility of renegotiating a free trade deal with the United States amid speculations that the next U.S. president may demand revisions to the trade pact minted last year.

The two countries reached an agreement in April 2007 after a year of
negotiations. The pact is now subject to approval by the legislatures of both
countries, but ratification has been delayed by political debates on both sides.
"Part of the pact may be not good for one side, but the free trade deal is a
balanced agreement which reflects the interests of both sides," Lee Hye-min,
deputy minister for the FTA, told reporters.
"The new administration of the United States will come to recognize that the free
trade agreement (FTA) is a balanced result for both countries," he said.
There has been speculations that the U.S. will likely reinforce a protectionist
trade policy due to the current financial crisis. If Democratic candidate Barack
Obama is to be elected as the next U.S. president, it is highly possible the U.S.
will request an overall revision of the FTA, especially with regards to the
automobile sector.
U.S. lawmakers have been shying away from taking action during the election year,
while South Korean lawmakers affiliated with opposition parties here are moving
to approve the bill first.
South Korean President Lee Myung-bak and U.S. President George W. Bush agreed at
their April 19 summit to make joint efforts to gain the approval of the FTA by
their respective legislatures by the end of the year.
The accord, if ratified, will knock down tariff and non-tariff barriers between
the world's largest and 11th-largest economies, which did US$78.4 billion in
two-way trade in 2007.
For the U.S., the deal with South Korea would be its biggest since the North
American Free Trade Agreement with Mexico and Canada in 1994.
sam@yna.co.kr