ID :
23448
Thu, 10/09/2008 - 12:52
Auther :
Shortlink :
http://m.oananews.org//node/23448
The shortlink copeid
Governing party vows ratification of Korea-U.S. FTA
By Shin Hae-in
SEOUL, Oct. 9 (Yonhap) -- South Korea's ruling party is bolstering efforts to pass a free trade agreement (FTA) with Washington, despite mounting global economic uncertainties and the looming U.S. presidential election, in a bid to help the world's 13th-largest economy retain momentum.
Seoul's seven-month-old Lee Myung-bak government has been seeking parliamentary
approval of the much-delayed trade pact, particularly since resuming U.S. beef
imports in June. It submitted the motion to the National Assembly Wednesday in a
second of such attempts.
The agreement, struck under the former Roh Moo-hyun government, has been pending
with the legislatures of both countries for over a year.
"There can be no further delay," ruling Grand National Party floor leader Hong
Joon-pyo told a party meeting Thursday. "We simply don't have the time to wait
and see what happens in the U.S. Congress. Seventy percent of our economy depends
on exports."
The liberal Democratic Party remains skeptical, citing uncertainties in the U.S.
Congress and public sentiment here, which links the trade pact with the unpopular
beef imports deal struck in April.
"What use is it for us to ratify the deal when the U.S. Congress remains so
critical?" said the party's floor leader Won Hye-young. "It must and will happen,
but now is just not the right time."
The ruling party controls an absolute majority of 172 seats in the 299-member
unicameral house, while the main opposition and minority parties hold the rest.
Trade officials here have admitted it is unlikely for Washington to ratify the
FTA with Seoul anytime soon given the upcoming presidential election in November.
U.S. President George W. Bush has also been unsuccessful in getting the
Democrat-controlled Congress to pass the deal.
Experts predict Korea will face further difficulty in settling the deal with
Washington next year if Barack Obama, the U.S. Democratic presidential candidate,
wins the November election.
Obama, who is slightly ahead of his Republican rival John McCain, opposes
bilateral trade pacts with Korea and other countries. U.S. Democrats have
traditionally been against free trade as one of their voter base has been the
nation's unions.
The Seoul-Washington free trade pact has been billed as the most significant
event in bilateral relations since the military accord of 1953. Economically, it
is expected to boost two-way trade -- already worth an annual US$79 billion -- by
as much as $20 billion in the coming years.
Business groups here want early ratification of the agreement, complaining that
the delay is causing great losses to South Korean exporters of manufactured goods
to the world's biggest market.
Farmers, however, demand sufficient compensation and countermeasures, fearing
they will not be able to compete with cheaper imported products.
hayney@yna.co.kr
(END)
SEOUL, Oct. 9 (Yonhap) -- South Korea's ruling party is bolstering efforts to pass a free trade agreement (FTA) with Washington, despite mounting global economic uncertainties and the looming U.S. presidential election, in a bid to help the world's 13th-largest economy retain momentum.
Seoul's seven-month-old Lee Myung-bak government has been seeking parliamentary
approval of the much-delayed trade pact, particularly since resuming U.S. beef
imports in June. It submitted the motion to the National Assembly Wednesday in a
second of such attempts.
The agreement, struck under the former Roh Moo-hyun government, has been pending
with the legislatures of both countries for over a year.
"There can be no further delay," ruling Grand National Party floor leader Hong
Joon-pyo told a party meeting Thursday. "We simply don't have the time to wait
and see what happens in the U.S. Congress. Seventy percent of our economy depends
on exports."
The liberal Democratic Party remains skeptical, citing uncertainties in the U.S.
Congress and public sentiment here, which links the trade pact with the unpopular
beef imports deal struck in April.
"What use is it for us to ratify the deal when the U.S. Congress remains so
critical?" said the party's floor leader Won Hye-young. "It must and will happen,
but now is just not the right time."
The ruling party controls an absolute majority of 172 seats in the 299-member
unicameral house, while the main opposition and minority parties hold the rest.
Trade officials here have admitted it is unlikely for Washington to ratify the
FTA with Seoul anytime soon given the upcoming presidential election in November.
U.S. President George W. Bush has also been unsuccessful in getting the
Democrat-controlled Congress to pass the deal.
Experts predict Korea will face further difficulty in settling the deal with
Washington next year if Barack Obama, the U.S. Democratic presidential candidate,
wins the November election.
Obama, who is slightly ahead of his Republican rival John McCain, opposes
bilateral trade pacts with Korea and other countries. U.S. Democrats have
traditionally been against free trade as one of their voter base has been the
nation's unions.
The Seoul-Washington free trade pact has been billed as the most significant
event in bilateral relations since the military accord of 1953. Economically, it
is expected to boost two-way trade -- already worth an annual US$79 billion -- by
as much as $20 billion in the coming years.
Business groups here want early ratification of the agreement, complaining that
the delay is causing great losses to South Korean exporters of manufactured goods
to the world's biggest market.
Farmers, however, demand sufficient compensation and countermeasures, fearing
they will not be able to compete with cheaper imported products.
hayney@yna.co.kr
(END)
