ID :
190570
Thu, 06/23/2011 - 06:05
Auther :
Shortlink :
https://oananews.org//node/190570
The shortlink copeid
S. Korean businesses urge quick ratification of Korea-U.S. FTA
SEOUL (Yonhap) - South Korea's major industry leaders and government officials called for early implementation of a free trade agreement (FTA) with the United States on Thursday, saying the country simply cannot afford to wait any longer.
The Korea-U.S. FTA was signed four years ago, but still needs to be ratified by both the South Korean and U.S. legislatures. The deal was supplemented late last year with minor modifications that mostly deal with the auto industry.
"For our country that depends highly on international markets, securing overseas markets is important to overcome economic crises, and thus the strategic importance of FTAs is growing daily," said Chae Wook, head of the Korea Institute for International Economic Policy (KIEP), in a seminar jointly hosted by the Korea International Trade Association (KITA).
The trade deal with the United States is the country's largest FTA, which, once implemented, is expected create over 300,000 jobs in South Korea alone and boost the country's economic growth by 6 percent.
The deal, however, has been blocked here partly because of strong opposition from the country's farmers.
"Damage to the dairy industry from the Korea-U.S. FTA will be significant, so measures to protect the industry are urgently needed as the industry could very well collapse," Lee Seung-ho, head of the Korea Dairy and Beef Farmers Association, said.
Other industry leaders, however, said the country will have more to gain from the Korea-U.S. FTA.
"With the supplementary agreement (signed late last year), remaining questions for the country's automakers in the U.S. market have been addressed, and once the deal is enacted, they will be able to take an advantageous position against their competitors in the large U.S. automobile market of 15 million units a year," said Kim Tae-nyeon, an official from the Korea Automobile Manufacturers Association.
Choi Yong-min, an official from KITA, noted the deal will also help the country's smaller exporters.
"In just seven years since the Korea-Chile FTA was enacted, our market share in Chile more than doubled and the number of businesses exporting goods to Chile jumped 43.1 percent from 873 to 1,249," he said. "This proves that an FTA has a very positive effect on creating new business opportunities for small and medium-sized businesses and creating jobs."
The Korea-U.S. FTA was signed four years ago, but still needs to be ratified by both the South Korean and U.S. legislatures. The deal was supplemented late last year with minor modifications that mostly deal with the auto industry.
"For our country that depends highly on international markets, securing overseas markets is important to overcome economic crises, and thus the strategic importance of FTAs is growing daily," said Chae Wook, head of the Korea Institute for International Economic Policy (KIEP), in a seminar jointly hosted by the Korea International Trade Association (KITA).
The trade deal with the United States is the country's largest FTA, which, once implemented, is expected create over 300,000 jobs in South Korea alone and boost the country's economic growth by 6 percent.
The deal, however, has been blocked here partly because of strong opposition from the country's farmers.
"Damage to the dairy industry from the Korea-U.S. FTA will be significant, so measures to protect the industry are urgently needed as the industry could very well collapse," Lee Seung-ho, head of the Korea Dairy and Beef Farmers Association, said.
Other industry leaders, however, said the country will have more to gain from the Korea-U.S. FTA.
"With the supplementary agreement (signed late last year), remaining questions for the country's automakers in the U.S. market have been addressed, and once the deal is enacted, they will be able to take an advantageous position against their competitors in the large U.S. automobile market of 15 million units a year," said Kim Tae-nyeon, an official from the Korea Automobile Manufacturers Association.
Choi Yong-min, an official from KITA, noted the deal will also help the country's smaller exporters.
"In just seven years since the Korea-Chile FTA was enacted, our market share in Chile more than doubled and the number of businesses exporting goods to Chile jumped 43.1 percent from 873 to 1,249," he said. "This proves that an FTA has a very positive effect on creating new business opportunities for small and medium-sized businesses and creating jobs."
