ID :
203406
Thu, 08/25/2011 - 07:29
Auther :
Shortlink :
https://oananews.org//node/203406
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Trade minister reaffirms no renegotiation of U.S. FTA
SEOUL, Aug. 25 (Yonhap) -- South Korea's top trade official said Thursday that his country will not renegotiate the free trade agreement (FTA) with the U.S., calling any possible reopening of talks on the pact "unrealistic."
The accord, known as the KORUS FTA, was signed in June 2007, but the deal was supplemented in late December of last year with minor modifications that mostly deal with the auto industry. The agreement has been awaiting approval from the legislatures of the two countries.
South Korea's opposition parties, led by the Democratic Party, have been pressing the government to renegotiate the deal as they claim the pact does not reflect a balance of interests, and come up with more support measures for the agriculture and other sectors.
"Calls for the renegotiation are unrealistic at present as both sides are racing toward its ratification," South Korean Trade Minister Kim Jong-hoon said in a forum.
South Korea's ruling Grand National Party is planning to submit the long-pending free trade deal to the National Assembly in September or October, in a move to keep pace with Washington's efforts to get the deal through Congress in September.
Kim urged the country's parliament to swiftly approve the free trade deal, which will help expand Korea's market share in the world's largest economy.
According to the report jointly compiled by 10 local state-run think tanks, including the Korea Institute for International Economic Policy, if the deal takes effect, South Korea will see its gross domestic product expand by an additional 5.66 percent in the long term.
The think tanks also predicted that South Korea will see its trade surplus with the U.S. increase by US$140 million annually over the next 15 years after the FTA goes into effect.
The accord, known as the KORUS FTA, was signed in June 2007, but the deal was supplemented in late December of last year with minor modifications that mostly deal with the auto industry. The agreement has been awaiting approval from the legislatures of the two countries.
South Korea's opposition parties, led by the Democratic Party, have been pressing the government to renegotiate the deal as they claim the pact does not reflect a balance of interests, and come up with more support measures for the agriculture and other sectors.
"Calls for the renegotiation are unrealistic at present as both sides are racing toward its ratification," South Korean Trade Minister Kim Jong-hoon said in a forum.
South Korea's ruling Grand National Party is planning to submit the long-pending free trade deal to the National Assembly in September or October, in a move to keep pace with Washington's efforts to get the deal through Congress in September.
Kim urged the country's parliament to swiftly approve the free trade deal, which will help expand Korea's market share in the world's largest economy.
According to the report jointly compiled by 10 local state-run think tanks, including the Korea Institute for International Economic Policy, if the deal takes effect, South Korea will see its gross domestic product expand by an additional 5.66 percent in the long term.
The think tanks also predicted that South Korea will see its trade surplus with the U.S. increase by US$140 million annually over the next 15 years after the FTA goes into effect.
