S. Korea to submit U.S. FTA bill for parliamentary approval next week

SEOUL, Oct. 1 (Yonhap) -- South Korea plans to submit a free trade pact with the
United States for parliamentary approval next week, a high-ranking trade official
said Wednesday.

Seoul and Washington signed the free trade agreement (FTA) in June last year. It
requires approval from both legislatures.
"We have completed all procedures for parliamentary ratification. The trade bill
will be submitted to the National Assembly next week," Lee Hye-min, deputy
minister for the FTA, told reporters.
Earlier in the day, Lee said in a meeting with lawmakers the trade bill is
unlikely to be ratified by the U.S. Congress within the year given the political
climate there.
"It is unclear whether a lame duck session will be held in the U.S. after the
presidential elections due to political circumstances," Lee said. "Given the
importance of the trade bill, the U.S. Congress will approve the deal," he added,
saying it is only a matter of time.
South Korean and U.S. officials had previously expressed confidence that the
trade deal would be approved if put to a vote during a lame duck session held
after the Nov. 4 elections, which would help lawmakers avoid political risks
during the sensitive election year.
South Korean legislators said they would deliberate on the FTA during the ongoing
parliamentary session, and pressed the U.S. Congress to do the same. The ruling
Grand National Party is reportedly weighing on when to ratify the pact.
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 conducted
US$74 billion worth of two-way trade in 2006.
The deal would be the biggest for the U.S. since the North American Free Trade
Agreement (NAFTA) with Mexico and Canada in 1994.