ID :
190831
Fri, 06/24/2011 - 10:24
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https://oananews.org//node/190831
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Rival parties make little progress in talks on free trade deal with U.S.
SEOUL, June 24 (Yonhap) -- Lawmakers from rival parties and senior government officials tried to work together Friday to find a compromise over the long-pending free trade bill with the United States, but they made little progress in narrowing the wide gap in their positions.
The trade deal, signed in 2007 and supplemented last December, has been awaiting approval from the legislatures of the two countries. Opposition parties have been calling for renegotiating the deal, saying the pact favors the U.S.
The ruling Grand National Party (GNP), the main opposition Democratic Party (DP) and the government have formed a negotiating body to narrow differences and resolve the standoff. On Friday, they held their first meeting, but little progress was made, officials said.
"Both ruling and opposition parties agree that the Korea-U.S. FTA should be ratified for the sake of national interests," said Rep. Nam Kyung-pil of the GNP, who leads the negotiating body. "It is not just an economic matter, but an issue that needs to take into consideration the alliance between the two nations."
South Korea's chief economic policy maker also called for parliamentary support for passage of the deal, citing the benefits lower tariffs can bring to the nation's economy.
"If the free trade deal is implemented, (South Korea) can overcome the economic hardship and have an opportunity to develop the national economy. It will also improve the investment environment for foreigners, raising the long-term growth potential," Finance Minister Bahk Jae-wan said.
The accord, if it takes effect, will boost South Korea's economic growth by 6 percent over the long term and help create 340,000 new jobs, according to the state-run Korea Institute for International Economic Policy.
The DP, however, remained negative to the free trade deal, claiming it's more beneficial to the U.S.
"Unfortunately, the DP is concerned about the broken imbalance between the two nations as a result of the government's renegotiation with the U.S. on the auto industry," DP lawmaker Kim Dong-chul said. "We should not give up on economic interests, putting too much emphasis on the South Korea-U.S. alliance."
The GNP controls 171 seats of the 299-member parliament.
ejkim@yna.co.kr
The trade deal, signed in 2007 and supplemented last December, has been awaiting approval from the legislatures of the two countries. Opposition parties have been calling for renegotiating the deal, saying the pact favors the U.S.
The ruling Grand National Party (GNP), the main opposition Democratic Party (DP) and the government have formed a negotiating body to narrow differences and resolve the standoff. On Friday, they held their first meeting, but little progress was made, officials said.
"Both ruling and opposition parties agree that the Korea-U.S. FTA should be ratified for the sake of national interests," said Rep. Nam Kyung-pil of the GNP, who leads the negotiating body. "It is not just an economic matter, but an issue that needs to take into consideration the alliance between the two nations."
South Korea's chief economic policy maker also called for parliamentary support for passage of the deal, citing the benefits lower tariffs can bring to the nation's economy.
"If the free trade deal is implemented, (South Korea) can overcome the economic hardship and have an opportunity to develop the national economy. It will also improve the investment environment for foreigners, raising the long-term growth potential," Finance Minister Bahk Jae-wan said.
The accord, if it takes effect, will boost South Korea's economic growth by 6 percent over the long term and help create 340,000 new jobs, according to the state-run Korea Institute for International Economic Policy.
The DP, however, remained negative to the free trade deal, claiming it's more beneficial to the U.S.
"Unfortunately, the DP is concerned about the broken imbalance between the two nations as a result of the government's renegotiation with the U.S. on the auto industry," DP lawmaker Kim Dong-chul said. "We should not give up on economic interests, putting too much emphasis on the South Korea-U.S. alliance."
The GNP controls 171 seats of the 299-member parliament.
ejkim@yna.co.kr
