ID :
202065
Thu, 08/18/2011 - 09:13
Auther :
Shortlink :
https://oananews.org//node/202065
The shortlink copeid
Finance minister calls for swift approval of KORUS FTA
SEOUL, Aug. 18 (Yonhap) -- South Korea's finance minister asked lawmakers Thursday to cooperate in swiftly passing a free trade agreement (FTA) with the United States, saying that the deal would help the nation gain a preemptive position in one of the world's largest markets.
The Korea-U.S. FTA, known as KORUS FTA, was signed in 2007 but the deal was supplemented in late December with minor modifications that mostly deal with the auto industry. The agreement has been awaiting approval from the legislatures of the two countries.
"The FTAs with the U.S., the EU and other advanced economic blocs will bring about structural improvements and regulatory development here, helping our economy jump a notch higher to become an advanced economy," Bahk Jae-wan said in a meeting with other trade policymakers.
Bahk expressed optimism that the U.S. will likely accelerate its efforts to ratify the FTA when their lawmakers return to Congress in September, hoping to see lawmakers here do their part in approving the deal.
South Korea's lawmakers have remained divided over whether to approve the free trade deal as opposition parties are against endorsing the accord and have called for a renegotiation of the agreement, claiming it favors the U.S.
Bahk's remarks were made during the meeting arranged to discuss measures to help minimize damage and provide help to the nation's industries possibly affected by the trade deal with the U.S.
Bahk said that the government is considering more tax support and regulatory improvements to offset downside effects from the FTA with the U.S. The move is based on its opinion-gathering efforts and a review of countermeasures unveiled in November 2007, when the deal was signed, he added.
The Korea-U.S. FTA, known as KORUS FTA, was signed in 2007 but the deal was supplemented in late December with minor modifications that mostly deal with the auto industry. The agreement has been awaiting approval from the legislatures of the two countries.
"The FTAs with the U.S., the EU and other advanced economic blocs will bring about structural improvements and regulatory development here, helping our economy jump a notch higher to become an advanced economy," Bahk Jae-wan said in a meeting with other trade policymakers.
Bahk expressed optimism that the U.S. will likely accelerate its efforts to ratify the FTA when their lawmakers return to Congress in September, hoping to see lawmakers here do their part in approving the deal.
South Korea's lawmakers have remained divided over whether to approve the free trade deal as opposition parties are against endorsing the accord and have called for a renegotiation of the agreement, claiming it favors the U.S.
Bahk's remarks were made during the meeting arranged to discuss measures to help minimize damage and provide help to the nation's industries possibly affected by the trade deal with the U.S.
Bahk said that the government is considering more tax support and regulatory improvements to offset downside effects from the FTA with the U.S. The move is based on its opinion-gathering efforts and a review of countermeasures unveiled in November 2007, when the deal was signed, he added.
