ID :
31643
Sat, 11/22/2008 - 21:44
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Shortlink :
https://www.oananews.org//node/31643
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Congressman pessimistic over Korea FTA passage under Obama tenure
By Hwang Doo-hyong
WASHINGTON, Nov. 21 (Yonhap) -- A senior U.S. congressman has expressed pessimism over the possibility of the pending free trade deal with South Korea passing through Congress under the incoming Barack Obama administration.
House Ways and Means Committee Chairman Charles Rangel (D-New York) told World
Trade Inside, an on-line magazine, that he is "less hopeful on passage of the
signed free trade agreement with South Korea."
Rangel made his remarks while expressing optimism over the passage of similar
free trade agreements with Colombia and Panama while Obama is in office.
"I don't want to speculate, but with the auto industry being what it is, it's a
hard political vote for Korea with the provisions for the exportation of cars far
from what we hoped they would be," he said.
Obama opposes the Korea FTA due to an imbalance in auto trade, dubbing it as
"badly flawed" and would not endorse it "as it is."
U.S. President George W. Bush urged Congress last week to ratify the pending
trade deals by the end of the year.
Obama proposed that the struggling U.S. auto industry should benefit from the
US$700 billion bailout package that is mainly for the falling U.S. financial
industry, while Bush opposed the idea, fearing any aid to the auto industry would
lead to calls for support from other industries.
Reports said Bush and Obama may strike a deal for the passage of the pending free
trade deals and subsidies for the auto industry.
South Korean President Lee Myung-bak Sunday called for early ratification of the
South Korea-U.S. free trade agreement, saying, "We need to rapidly ratify the
South Korea-U.S. FTA to develop bilateral trade and investment and strategic
economic cooperation."
Attending the first G20 economic summit in Washington Saturday, Lee cautioned
against any spread of protectionism to cope with the U.S.-initiated global
financial crisis.
South Korea's ruling party is trying to ratify the bilateral FTA with the U.S. in
the ongoing parliamentary session, although the reluctant opposition party cites
Obama's lukewarm position.
Seoul and Washington signed the free trade deal, the biggest for the U.S. since
the early 1990s, in April.
hdh@yna.co.kr
(END)
WASHINGTON, Nov. 21 (Yonhap) -- A senior U.S. congressman has expressed pessimism over the possibility of the pending free trade deal with South Korea passing through Congress under the incoming Barack Obama administration.
House Ways and Means Committee Chairman Charles Rangel (D-New York) told World
Trade Inside, an on-line magazine, that he is "less hopeful on passage of the
signed free trade agreement with South Korea."
Rangel made his remarks while expressing optimism over the passage of similar
free trade agreements with Colombia and Panama while Obama is in office.
"I don't want to speculate, but with the auto industry being what it is, it's a
hard political vote for Korea with the provisions for the exportation of cars far
from what we hoped they would be," he said.
Obama opposes the Korea FTA due to an imbalance in auto trade, dubbing it as
"badly flawed" and would not endorse it "as it is."
U.S. President George W. Bush urged Congress last week to ratify the pending
trade deals by the end of the year.
Obama proposed that the struggling U.S. auto industry should benefit from the
US$700 billion bailout package that is mainly for the falling U.S. financial
industry, while Bush opposed the idea, fearing any aid to the auto industry would
lead to calls for support from other industries.
Reports said Bush and Obama may strike a deal for the passage of the pending free
trade deals and subsidies for the auto industry.
South Korean President Lee Myung-bak Sunday called for early ratification of the
South Korea-U.S. free trade agreement, saying, "We need to rapidly ratify the
South Korea-U.S. FTA to develop bilateral trade and investment and strategic
economic cooperation."
Attending the first G20 economic summit in Washington Saturday, Lee cautioned
against any spread of protectionism to cope with the U.S.-initiated global
financial crisis.
South Korea's ruling party is trying to ratify the bilateral FTA with the U.S. in
the ongoing parliamentary session, although the reluctant opposition party cites
Obama's lukewarm position.
Seoul and Washington signed the free trade deal, the biggest for the U.S. since
the early 1990s, in April.
hdh@yna.co.kr
(END)
