ID :
40562
Wed, 01/14/2009 - 11:19
Auther :
Shortlink :
http://m.oananews.org//node/40562
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Schwab urges Congress to ratify Korea FTA to help boost U.S. economy
By Hwang Doo-hyong
WASHINGTON, Jan. 13 (Yonhap) -- U.S. Trade Representative Susan Schwab Tuesday
urged Congress to approve the pending free trade deals with South Korea, Colombia
and Panama, saying they will help the slumping U.S. economy recover from economic
recession.
"In the case of the Colombia and Panama and South Korea free trade agreements,
these are incredibly important free trade agreements for the United States,"
Schwab told a roundtable with reporters just one week before the inauguration of
the incoming Barack Obama administration.
The outgoing chief U.S. trade negotiator recommended Obama administration
officials read a report by the International Trade Commission that estimated the
KORUS FTA to boost the U.S. GDP by US$10 billion-$12 billion.
"And that's static analysis, not dynamic analysis, so it's probably significantly
understated," she said. "You know, we could use that kind of boost -- right now."
Schwab's remarks echoed the theme U.S. President George W. Bush made the previous
day in his final appeal for congressional approval of the FTAs.
Bush said in his final news conference that he was disappointed that Congress did
not move on the Korea and two other FTAs, warning against a growing protectionism
in the world's biggest market.
He insisted that free and fair trade brings "benefits for our own workers,
benefits for workers overseas and benefits when it comes to promoting development
and helping lift people out of poverty, particularly in third world countries."
Bush and South Korean President Lee Myung-bak agreed in April to ratify the
bilateral FTA by the end of last year. The agreement was signed in June 2007.
Neither parliament, however, ratified it, with South Korea's major opposition
party blocking the ruling Grand National Party's bid to ratify it earlier this
month, citing the failure by the U.S. Congress to move on it.
The Democrat-controlled Congress shunned the trade deal in recognition of major
U.S. trade unions, ardent political supporters of the Democrats.
President-elect Barack Obama has called the South Korea FTA "badly flawed,"
citing an imbalance in auto trade.
Obama, however, stopped short of favoring renegotiation of the Korea-U.S. FTA,
giving rise to speculation that his opposition was part of a campaign strategy to
woo votes from trade unions.
Others say FTA ratification with South Korea, one of the strongest U.S. allies
and seventh largest trading partner, would help the U.S. consolidate its foothold
in Asia.
Despite opposition to the deal by a majority of congressional Democrats, some
U.S. and South Korean officials have said the deal would likely be approved if
put to a vote, insisting a number of Democrats as well as Republicans favor it.
hdh@yna.co.kr
(END)
WASHINGTON, Jan. 13 (Yonhap) -- U.S. Trade Representative Susan Schwab Tuesday
urged Congress to approve the pending free trade deals with South Korea, Colombia
and Panama, saying they will help the slumping U.S. economy recover from economic
recession.
"In the case of the Colombia and Panama and South Korea free trade agreements,
these are incredibly important free trade agreements for the United States,"
Schwab told a roundtable with reporters just one week before the inauguration of
the incoming Barack Obama administration.
The outgoing chief U.S. trade negotiator recommended Obama administration
officials read a report by the International Trade Commission that estimated the
KORUS FTA to boost the U.S. GDP by US$10 billion-$12 billion.
"And that's static analysis, not dynamic analysis, so it's probably significantly
understated," she said. "You know, we could use that kind of boost -- right now."
Schwab's remarks echoed the theme U.S. President George W. Bush made the previous
day in his final appeal for congressional approval of the FTAs.
Bush said in his final news conference that he was disappointed that Congress did
not move on the Korea and two other FTAs, warning against a growing protectionism
in the world's biggest market.
He insisted that free and fair trade brings "benefits for our own workers,
benefits for workers overseas and benefits when it comes to promoting development
and helping lift people out of poverty, particularly in third world countries."
Bush and South Korean President Lee Myung-bak agreed in April to ratify the
bilateral FTA by the end of last year. The agreement was signed in June 2007.
Neither parliament, however, ratified it, with South Korea's major opposition
party blocking the ruling Grand National Party's bid to ratify it earlier this
month, citing the failure by the U.S. Congress to move on it.
The Democrat-controlled Congress shunned the trade deal in recognition of major
U.S. trade unions, ardent political supporters of the Democrats.
President-elect Barack Obama has called the South Korea FTA "badly flawed,"
citing an imbalance in auto trade.
Obama, however, stopped short of favoring renegotiation of the Korea-U.S. FTA,
giving rise to speculation that his opposition was part of a campaign strategy to
woo votes from trade unions.
Others say FTA ratification with South Korea, one of the strongest U.S. allies
and seventh largest trading partner, would help the U.S. consolidate its foothold
in Asia.
Despite opposition to the deal by a majority of congressional Democrats, some
U.S. and South Korean officials have said the deal would likely be approved if
put to a vote, insisting a number of Democrats as well as Republicans favor it.
hdh@yna.co.kr
(END)
