ID :
212541
Thu, 10/13/2011 - 09:01
Auther :
Shortlink :
http://m.oananews.org//node/212541
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Ruling party, gov't welcome U.S. approval of FTA
SEOUL, Oct. 13 (Yonhap) -- South Korea's ruling party lawmakers and government officials welcomed Thursday the U.S. Congressional approval of a long-pending bilateral free trade pact, vowing to handle the bill within this month over resistance from opposition parties.
Both chambers of the U.S. Congress approved the free trade pact with South Korea on Wednesday (Washington time), along with deals with Colombia and Panama. The bill now awaits President Barack Obama's signature.
South Korea's Trade Minister Kim Jong-hoon said he expects rival parties will approve the bill at the National Assembly this month so that it can go into effect as early as January.
"As the ruling and opposition parties have had enough discussion through a consultative body, I think it's time to wrap up the (ratification process)," Kim said. "As the government has already suggested protective measures for the agricultural industry, I hope the opposition parties will find a middle ground."
The floor leader of the ruling Grand National Party, Hwang Woo-yea, called for ratification of the FTA at the National Assembly as soon as possible.
"We will work to pass the FTA ratification bill based on an agreement of the ruling and opposition parties by compromising over the opposition's demands," Hwang said during a meeting of the FTA consultative body. "The National Assembly should put the utmost effort into producing a historical outcome to expand our economic territory, while protecting our national interests."
Rep. Kim Jin-pyo, floor leader of the main opposition Democratic Party (DP), however, urged the ruling party to prepare strong safeguards for local industries that could be affected by cheap imports.
The DP has put forward what it calls a "10 plus two" proposal, which calls for revising 10 items in the trade pact through renegotiations with the U.S. and adding two measures aimed at minimizing the deal's effect on local industries.
"The government and the GNP still have not given an answer to how to handle our 10+2 proposal," Kim said. "Although it could take time, lawmakers should first enact laws that protect small retailers and businesses before ratifying the KORUS FTA."
ejkim@yna.co.kr
(END)
Both chambers of the U.S. Congress approved the free trade pact with South Korea on Wednesday (Washington time), along with deals with Colombia and Panama. The bill now awaits President Barack Obama's signature.
South Korea's Trade Minister Kim Jong-hoon said he expects rival parties will approve the bill at the National Assembly this month so that it can go into effect as early as January.
"As the ruling and opposition parties have had enough discussion through a consultative body, I think it's time to wrap up the (ratification process)," Kim said. "As the government has already suggested protective measures for the agricultural industry, I hope the opposition parties will find a middle ground."
The floor leader of the ruling Grand National Party, Hwang Woo-yea, called for ratification of the FTA at the National Assembly as soon as possible.
"We will work to pass the FTA ratification bill based on an agreement of the ruling and opposition parties by compromising over the opposition's demands," Hwang said during a meeting of the FTA consultative body. "The National Assembly should put the utmost effort into producing a historical outcome to expand our economic territory, while protecting our national interests."
Rep. Kim Jin-pyo, floor leader of the main opposition Democratic Party (DP), however, urged the ruling party to prepare strong safeguards for local industries that could be affected by cheap imports.
The DP has put forward what it calls a "10 plus two" proposal, which calls for revising 10 items in the trade pact through renegotiations with the U.S. and adding two measures aimed at minimizing the deal's effect on local industries.
"The government and the GNP still have not given an answer to how to handle our 10+2 proposal," Kim said. "Although it could take time, lawmakers should first enact laws that protect small retailers and businesses before ratifying the KORUS FTA."
ejkim@yna.co.kr
(END)
