Free trade deal with U.S. unlikely to be ratified this year: official

SEOUL, Oct. 1 (Yonhap) -- A free trade deal with the United States is unlikely to
be ratified within the year given the political climate there, a South Korean
trade official said Wednesday.

Seoul and Washington signed the free trade agreement (FTA) in June last year, but
the deal still requires approval from both legislatures.
"It is unclear whether a lame duck session will be held in the U.S. after the
presidential elections due to political circumstances," Lee Hye-min, deputy
minister for the FTA, said in a meeting with lawmakers.
"Given the importance of the trade bill, the U.S. Congress will approve the
deal," Lee said, adding that ratification of the deal will be a matter of time.
South Korean and U.S. officials have expressed confidence that the trade deal
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
during this sensitive election year.
South Korean legislators have said they would deliberate the FTA during the
ongoing parliamentary session, pressing the U.S. Congress to do the same.The
ruling Grand National Party, which holds a majority of seats, is apparently
weighing when to ratify the FTA bill.
Some U.S. lawmakers oppose the free trade deal with South Korea, citing an
imbalance in auto trade. They also want more steel shipments to South Korea.
The free trade accord, if ratified, will knock down tariff and non-tariff
barriers between the world's largest and 11th-largest economies, which did US$74
billion in two-way trade in 2006.
For the U.S., the deal with South Korea would be its biggest since the North
American Free Trade Agreement with Mexico and Canada in 1994.