ID :
19346
Sat, 09/13/2008 - 13:03
Auther :
Shortlink :
http://m.oananews.org//node/19346
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Congressman calls for swift approval of FTAs with Korea, Colombia, Panama By Hwang Doo-hyong
WASHINGTON, Sept. 12 (Yonhap) -- A U.S. congressman Friday called for early ratification of the pending free trade agreements with South Korea, Colombia and Panama, saying they will serve as a stimulus to the struggling U.S. economy.
"We must continue our path towards opening markets by passing legislation to
implement the Colombia, Panama, and South Korea Fair Trade Agreements," Rep.
Jerry Weller (R-Illinois) told a House Ways and Means Committee hearing.
Seoul and Washington signed the FTA in June 2007, but the agreement still
requires approval from both legislatures. Opponents fear the free trade deal will
cost U.S. workers jobs, while proponents insist it will boost the U.S. economy
with additional two-way trade volume reaching US$20 billion annually.
"South Korea represents the largest market we have ever negotiated a Free
Trade Agreement with, a huge opening for the United States and Asia," Weller
said. "These economic opportunities for our workers are too important to be
left to partisan politics, deserve a vote, and swift passage this year."
The congressman took note of statistics from the U.S. International Trade
Commission that estimated that the three FTAs would increase U.S. exports by at
least $10.8 billion and create thousands more American jobs.
"Congress needs to act now to pass the pending FTAs with Colombia, Panama,
and Korea, which would be a real economic stimulus to the American family,"
he said.
U.S. and South Korean officials have expressed confidence that the FTA will be
approved once it is put to a vote during a lame duck session after the November
elections, which will help lawmakers avoid political risks in the election year.
Congress reconvened Monday for a session that is to last several weeks before
recessing again for election campaigning.
South Korea's ruling party of pro-U.S. President Lee Myung-bak, boasting a
majority in the 299-member unicameral legislature, has said it will ratify the
trade deal during the ongoing parliamentary session, which started early this
week.
"We must continue our path towards opening markets by passing legislation to
implement the Colombia, Panama, and South Korea Fair Trade Agreements," Rep.
Jerry Weller (R-Illinois) told a House Ways and Means Committee hearing.
Seoul and Washington signed the FTA in June 2007, but the agreement still
requires approval from both legislatures. Opponents fear the free trade deal will
cost U.S. workers jobs, while proponents insist it will boost the U.S. economy
with additional two-way trade volume reaching US$20 billion annually.
"South Korea represents the largest market we have ever negotiated a Free
Trade Agreement with, a huge opening for the United States and Asia," Weller
said. "These economic opportunities for our workers are too important to be
left to partisan politics, deserve a vote, and swift passage this year."
The congressman took note of statistics from the U.S. International Trade
Commission that estimated that the three FTAs would increase U.S. exports by at
least $10.8 billion and create thousands more American jobs.
"Congress needs to act now to pass the pending FTAs with Colombia, Panama,
and Korea, which would be a real economic stimulus to the American family,"
he said.
U.S. and South Korean officials have expressed confidence that the FTA will be
approved once it is put to a vote during a lame duck session after the November
elections, which will help lawmakers avoid political risks in the election year.
Congress reconvened Monday for a session that is to last several weeks before
recessing again for election campaigning.
South Korea's ruling party of pro-U.S. President Lee Myung-bak, boasting a
majority in the 299-member unicameral legislature, has said it will ratify the
trade deal during the ongoing parliamentary session, which started early this
week.
