Bush urges Congress to pass FTAs with S. Korea, Colombia, Panama

WASHINGTON, Sept. 24 (Yonhap) -- U.S. President George W. Bush Wednesday urged Congress to approve pending free trade agreements (FTAs) with South Korea, Colombia and Panama, saying the deals will be a great boon to the struggling U.S. economy.

"There are three free trade agreements pending in the Congress today: South
Korea, Panama and Colombia," Bush told a forum in New York on the sidelines of
the United Nations General Assembly, adding "Congress needs to pass" the deals.
"It's important for the American people to understand that exports benefit
workers. Half of our growth last year was the result of trade," Bush said. "And
therefore, it's in our interest to continue to open up markets."
South Korean and U.S. officials have expressed confidence that the FTA will be
approved once it is put to a vote during a lame duck session to be held after the
Nov. 4 elections, which will help lawmakers avoid political risks in the
sensitive election year.
Seoul and Washington signed the FTA in June last year, hoping to enhance two-way
trade volume by US$20 billion annually.
South Korean legislators have said they would deliberate the FTA during the
ongoing parliamentary session, pressing the U.S. Congress to do the same.
South Korea's ruling Grand National Party, holding a majority of seats,
apparently is deciding when to ratify the FTA bill.
Congressional Democrats oppose the FTA with South Korea, citing an imbalance in
auto trade at a ratio of 700,000 to 5,000 sales per year against the U.S. They
also want more steel shipments to South Korea.
Some analysts dismiss Democrats' opposition to the Korea-U.S. FTA as a campaign
ploy to woo votes from U.S. workers who are fearful of possible job cuts.
hdh@yna.co.kr