American biz community urge Obama administration to approve KORUS FTA

SEOUL, April 14 (Yonhap) -- The American business community in South Korea said
Tuesday that it has submitted a policy recommendation paper to the Obama
administration and the U.S. Congress, urging them to approve a free trade accord
with South Korea as soon as possible.
In a statement, the American Chamber of Commerce in Korea (AMCHAM) said it has
demanded the U.S. government and the Congress "approve and implement the free
trade accord signed in June 2007 at the earliest possible time."
The trade accord, officially named KORUS FTA, is awaiting congressional approval
from both countries amid growing protectionism in the Democrat-controlled
Congress, which fears its ratification will undermine support from U.S. trade
unions, their political base, due to possible job cuts in the worst recession in
decades.
South Korea has strongly ruled out possible renegotiations of the pact, which
cleared a parliamentary subcommittee in February despite strong opposition from
opposition parties.
The South Korean government and the ruling Grand National Party argue that
approval by Seoul will help prod the U.S. Congress to follow suit, but opposition
parties claim that it is premature to act first until Washington appears more
favorable.
If ratified, the FTA, touted as the biggest ever for South Korea, will knock down
tariff and non-tariff barriers between the two economies, whose two-way trade
reached US$78.4 billion in 2007.
The AMCHAM also said the U.S. government should continue the dialogue with South
Korea on bilateral trade and investment issues, and establish and maintain
regular, high-level discussions with South Korean officials on matters of mutual
interest, including global economic issues.
"We believe that these recommendations would help generate new economic growth
and jobs in both countries and increase trade and investment," the Chamber said
in a statement.
sam@yna.co.kr
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