ID :
47541
Wed, 02/25/2009 - 13:53
Auther :
Shortlink :
https://www.oananews.org//node/47541
The shortlink copeid
U.S. biz community urges quick ratification of FTA
SEOUL, Feb. 25 (Yonhap) -- A controversial free trade pact between South Korea
and the United States should be ratified as soon as possible to help both nations
overcome the economic crisis, representatives of the U.S. business community said
here Wednesday.
"We believe early ratification will help both Korea and the U.S. recover from
this recession, faster than other countries," David Ruch, the chairman of the
American Chamber of Commerce in Korea (AMCHAM), said in a press conference. "It
will create much-needed jobs and create new business opportunities for both
countries."
South Korea and the U.S. signed the trade pact, known as the KORUS FTA, in June
2007 after nearly a year of sometimes acrimonious negotiations. It still awaits
ratification in the legislatures of both countries.
If ratified, the bill -- labeled as the biggest such deal since the 1994 North
American Free Trade Agreement and the biggest ever for South Korea -- will knock
down tariff and non-tariff barriers between the two economies, which did US$78.4
billion in two-way trade in 2007.
But efforts by South Korea's conservatives lawmakers to pass the bill have been
continuously hampered by liberal politicians. The nation's farmers, who claim the
deal will squash the viability of their livelihood, have expressed especially
vehement opposition.
South Korean President Lee Myung-bak and his Grand National Party (GNP) aim to
win quick approval of the pact at home in hopes it will put pressure on
Washington to follow suit.
The conservative Grand National Party holds a majority 172 seats in the 299-seat,
single-chamber National Assembly, and opened a special session this month to pass
the free trade deal with the U.S. and other reform bills.
Ruch, who is also country manager of United Airlines in Korea, said renegotiation
of the trade accord is not necessary.
"AMCHAM firmly believes that the KORUS FTA is a gold standard agreement and there
is no need for any negotiation," he said. "We hope that our governments working
together in multilateral forums such as G-20 on the broader economic challenges
may be helpful when the time is right in both countries to move the agreement."
U.S. President Barack Obama has said he favors free trade that benefits the
United States but has strongly criticized the deal with South Korea, saying it
does not adequately address an imbalance in auto trade.
Many Democrats believe the deal's auto provisions heavily favor South Korea's
automakers and have demanded renegotiation. South Korea sold more than 700,000
vehicles in the U.S. in 2007 -- roughly 100 times the number of American cars it
imported, according to an industry tally.
South Korea has expressed strong opposition to amending the deal.
Under the pact, the two sides agreed to cut and phase out tariffs on autos. Seoul
agreed to change its tax system for larger vehicles, a provision the U.S. has
labeled discriminatory.
sam@yna.co.kr
(END)
and the United States should be ratified as soon as possible to help both nations
overcome the economic crisis, representatives of the U.S. business community said
here Wednesday.
"We believe early ratification will help both Korea and the U.S. recover from
this recession, faster than other countries," David Ruch, the chairman of the
American Chamber of Commerce in Korea (AMCHAM), said in a press conference. "It
will create much-needed jobs and create new business opportunities for both
countries."
South Korea and the U.S. signed the trade pact, known as the KORUS FTA, in June
2007 after nearly a year of sometimes acrimonious negotiations. It still awaits
ratification in the legislatures of both countries.
If ratified, the bill -- labeled as the biggest such deal since the 1994 North
American Free Trade Agreement and the biggest ever for South Korea -- will knock
down tariff and non-tariff barriers between the two economies, which did US$78.4
billion in two-way trade in 2007.
But efforts by South Korea's conservatives lawmakers to pass the bill have been
continuously hampered by liberal politicians. The nation's farmers, who claim the
deal will squash the viability of their livelihood, have expressed especially
vehement opposition.
South Korean President Lee Myung-bak and his Grand National Party (GNP) aim to
win quick approval of the pact at home in hopes it will put pressure on
Washington to follow suit.
The conservative Grand National Party holds a majority 172 seats in the 299-seat,
single-chamber National Assembly, and opened a special session this month to pass
the free trade deal with the U.S. and other reform bills.
Ruch, who is also country manager of United Airlines in Korea, said renegotiation
of the trade accord is not necessary.
"AMCHAM firmly believes that the KORUS FTA is a gold standard agreement and there
is no need for any negotiation," he said. "We hope that our governments working
together in multilateral forums such as G-20 on the broader economic challenges
may be helpful when the time is right in both countries to move the agreement."
U.S. President Barack Obama has said he favors free trade that benefits the
United States but has strongly criticized the deal with South Korea, saying it
does not adequately address an imbalance in auto trade.
Many Democrats believe the deal's auto provisions heavily favor South Korea's
automakers and have demanded renegotiation. South Korea sold more than 700,000
vehicles in the U.S. in 2007 -- roughly 100 times the number of American cars it
imported, according to an industry tally.
South Korea has expressed strong opposition to amending the deal.
Under the pact, the two sides agreed to cut and phase out tariffs on autos. Seoul
agreed to change its tax system for larger vehicles, a provision the U.S. has
labeled discriminatory.
sam@yna.co.kr
(END)
