Presidential office urges bipartisan cooperation on FTA with U.S.

By Yoo Cheong-mo
SEOUL, Nov. 10 (Yonhap) -- The presidential office Cheong Wa Dae renewed its call
on Monday for bipartisan effort in the nation's long-overdue approval of the free
trade agreement (FTA) with the United States.
The governments of South Korea and the U.S. signed the two-way FTA deal in June
last year, but legislatures of both sides have not been able to ratify the deal
due to protracted political wrangling.
"The South Korea-U.S. FTA is expected to contribute to expanding bilateral trade
and promoting job creation in both countries. Particularly at a time when the
financial sector crisis and a recession in the real economy are spreading across
the world, the FTA should be approved in both countries immediately," Cheong Wa
Dae spokesman Lee Dong-kwan said in his daily media briefing.
"An early approval of the FTA by the South Korean parliament will help induce a
similar move from the U.S. Congress. In this sense, we're in need of bipartisan
cooperation on this matter," said spokesman Lee.
The spokesman denied the latest media report alleging that U.S. President-elect
Barack Obama's camp has urged the Seoul government to obtain parliamentary
approval of the bilateral FTA by year's end.
"The (Korean) government has not received any official FTA-related position from
the Obama camp thus far," the spokesman said, also denying mounting speculation
about the next U.S. administration's possible request for a renegotiation of the
free trade deal.
"Some critics in the U.S. may have raised questions about a possible trade
imbalance in the auto sector. But we're convinced the eventual ratification of
the bilateral FTA deal will lead to a win-win result and increased exports for
both sides."
Meanwhile, South Korea's rival parties are headed for a showdown this week, as
the ruling Grand National Party, which controls 172 seats of the 299-seat
single-chamber National Assembly, has vowed to ratify the FTA deal with the U.S.
as soon as possible.
The main opposition Democratic Party, which has 83 seats, has said it will
mobilize all possible means, including a physical blockade, to deter the GNP from
ramming the FTA bill through parliament. The opposition party has cited a variety
of potential economic and social side effects stemming from the unprecedented
trade deal with the world's largest economy.
ycm@yna.co.kr
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