ID :
88157
Fri, 11/06/2009 - 08:16
Auther :
Shortlink :
https://www.oananews.org//node/88157
The shortlink copeid
Obama urged to hasten Korea FTA ratification
By Hwang Doo-hyong
WASHINGTON, Nov. 5 (Yonhap) -- The U.S. Chamber of Commerce Thursday urged the Barack Obama administration to expedite the process for ratification of the pending free trade agreement with South Korea, saying it will serve as a stimulus to the struggling U.S. economy.
"The Chamber and the U.S.-Korea Business Council called on the administration to
take action on the pending U.S.-Korea Free Trade Agreement in order to boost
exports and create jobs in America," said Myron Brilliant, senior vice president
of International Affairs for the U.S. Chamber and the outgoing U.S.-Korea
Business Council president. The U.S.-Korea Business Council is a business
organization promoting the bilateral relationship between South Korea and the
U.S.
"As the economy struggles to rebound, this agreement is an immediate job-creating
stimulus," he said.
Brilliant feared any further delay in the Korea FTA's ratification will undermine
U.S. products' competitiveness in South Korea, the seventh-largest trading
partner of the U.S. with trade in goods reaching US$83 billion in 2008 and trade
in services reaching $19 billion in 2007.
"Korea is one of the largest global customers of U.S. goods and services, and
Korean companies are increasingly investing in the U.S. market," he said. "But
the European Union recently concluded its own agreement with Korea, potentially
putting U.S. exporters at a disadvantage in the Korean market and endangering
U.S. jobs."
At issue are U.S. concerns about an imbalance in auto trade and restricted
shipments of U.S. beef.
U.S. officials have said they favor side agreements to address the issues rather
than revising the text of the deal itself, signed in 2007.
Wendy Cutler, assistant U.S. Trade Representative, said last month, "It's
apparent that more can be done and should be done in the automotive sector to
help level the playing field for U.S. companies and workers in this important
sector."
Amid the worst recession in decades, congressional Democrats are concerned about
a backlash from trade unions, a political power base for the party, as fears
mount over job losses.
The Barack Obama administration is also focused overwhelmingly on priorities such
as health care reform and the war in Afghanistan.
While meeting with South Korean President Lee Myung-bak in June, Obama agreed to
make efforts to "chart a way forward," and said he will seek the appropriate
"political timing" for the submission of the KORUS FTA to Congress "once we have
resolved some of the substantive issues."
South Korean ambassador Han Duck-soo Wednesday called on Congress to approve the
Korea FTA by next summer, fearing any failure to do so will push the ratification
back to after 2011 owing to by-elections next November.
Han said the ratification of the FTA, the largest for the U.S. since the North
American Free Trade Agreement that went into effect in 1994, "will create 240,000
new jobs for the U.S. and increase U.S. gross domestic product by up to US$11
billion."
"I hope the Obama administration will complete the health care reform this fall
and pursue the Korea FTA's ratification as the top priority task next spring," he
said.
hdh@yna.co.kr
(END)
WASHINGTON, Nov. 5 (Yonhap) -- The U.S. Chamber of Commerce Thursday urged the Barack Obama administration to expedite the process for ratification of the pending free trade agreement with South Korea, saying it will serve as a stimulus to the struggling U.S. economy.
"The Chamber and the U.S.-Korea Business Council called on the administration to
take action on the pending U.S.-Korea Free Trade Agreement in order to boost
exports and create jobs in America," said Myron Brilliant, senior vice president
of International Affairs for the U.S. Chamber and the outgoing U.S.-Korea
Business Council president. The U.S.-Korea Business Council is a business
organization promoting the bilateral relationship between South Korea and the
U.S.
"As the economy struggles to rebound, this agreement is an immediate job-creating
stimulus," he said.
Brilliant feared any further delay in the Korea FTA's ratification will undermine
U.S. products' competitiveness in South Korea, the seventh-largest trading
partner of the U.S. with trade in goods reaching US$83 billion in 2008 and trade
in services reaching $19 billion in 2007.
"Korea is one of the largest global customers of U.S. goods and services, and
Korean companies are increasingly investing in the U.S. market," he said. "But
the European Union recently concluded its own agreement with Korea, potentially
putting U.S. exporters at a disadvantage in the Korean market and endangering
U.S. jobs."
At issue are U.S. concerns about an imbalance in auto trade and restricted
shipments of U.S. beef.
U.S. officials have said they favor side agreements to address the issues rather
than revising the text of the deal itself, signed in 2007.
Wendy Cutler, assistant U.S. Trade Representative, said last month, "It's
apparent that more can be done and should be done in the automotive sector to
help level the playing field for U.S. companies and workers in this important
sector."
Amid the worst recession in decades, congressional Democrats are concerned about
a backlash from trade unions, a political power base for the party, as fears
mount over job losses.
The Barack Obama administration is also focused overwhelmingly on priorities such
as health care reform and the war in Afghanistan.
While meeting with South Korean President Lee Myung-bak in June, Obama agreed to
make efforts to "chart a way forward," and said he will seek the appropriate
"political timing" for the submission of the KORUS FTA to Congress "once we have
resolved some of the substantive issues."
South Korean ambassador Han Duck-soo Wednesday called on Congress to approve the
Korea FTA by next summer, fearing any failure to do so will push the ratification
back to after 2011 owing to by-elections next November.
Han said the ratification of the FTA, the largest for the U.S. since the North
American Free Trade Agreement that went into effect in 1994, "will create 240,000
new jobs for the U.S. and increase U.S. gross domestic product by up to US$11
billion."
"I hope the Obama administration will complete the health care reform this fall
and pursue the Korea FTA's ratification as the top priority task next spring," he
said.
hdh@yna.co.kr
(END)
