Businesses call on National Assembly to ratify U.S. FTA

SEOUL, Nov. 18 (Yonhap) -- South Korea's major business organizations called on
the National Assembly to swiftly ratify a free trade agreement (FTA) with the
United States on Wednesday, the day when U.S. President Barack Obama was due in
Seoul.
South Korea and the U.S. concluded the deal in 2007, but the approval process by
lawmakers in both nations has been slow. The deal needs to be ratified by
legislators both in Seoul and Washington to take effect.
"Given gains and losses of the negotiations for the South Korea-U.S. FTA, it's
important for the South Korean National Assembly to ratify the deal before the
U.S. Congress ratifies it," the nation's five big business groups said in a joint
statement.
The organizations included the Federation of Korean Industries (FKI), the Korea
Chamber of Commerce and Industry and the Korea International Trade Association.
Later in the day, FKI Chairman Cho Suck-rai and other business leaders were
scheduled to meet floor leaders of the nation's ruling and opposition parties to
deliver their request, the FKI said in a statement.
For the U.S., the deal with South Korea is the biggest since the North American
Free Trade Agreement in 1994.
Some lawmakers in the two nations have opposed the deal, arguing it will
undermine key industries in both nations, particularly for agriculture in South
Korea and automobiles in the U.S.
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