S. Korea`s National Assembly urged to swiftly approve U.S. trade deal

SEOUL, Feb. 24 (Yonhap) -- South Korean business associations appealed to
lawmakers Tuesday for swift ratification of a free trade agreement with the
United States, hoping the deal will help create jobs and fuel economic growth.
South Korea, Asia's fourth-largest economy, signed the deal with the U.S. about
19 months ago to eliminate trade barriers and non-trade restrictions between the
two countries. The deal has been waiting for ratification by both nations'
legislatures.
Passage of the deal by South Korea's conservative-controlled National Assembly
has been hampered by opposition from the nation's farmers. The U.S. Congress has
also yet to approve the deal.
The ruling Grand National Party holds a majority 172 seats in the 299-seat,
single-chamber National Assembly, which opened a session this month to pass the
free trade deal with the U.S. and other reform bills.
"The South Korea-U.S. Free Trade Agreement would significantly help our economy
recover," said Cho Suck-rai, chairman of the Federation of Korean Industries, in
a statement signed by the nation's six business lobby groups.
"We strongly urge the government and the National Assembly to swiftly pass the
FTA bill," Cho was quoted as saying in the statement.
If passed, the deal will help the South Korean economy create 340,000 jobs and
attract US$32 billion worth of foreign investment over the next decade, Cho said.

The National Assembly has made several previous attempts to approve the U.S.
trade pact, all of which failed due to raucous protests by opposition lawmakers.
In December last year, opposition members used a sledgehammer and fire
extinguishers to break into a barricaded parliamentary room to stop the GNP from
submitting the U.S. trade pact for preliminary approval and delay other sweeping
reform bills.
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