ID :
207209
Thu, 09/15/2011 - 01:45
Auther :
Shortlink :
https://oananews.org//node/207209
The shortlink copeid
Geithner 'more confident' about ratification of FTAs
By Lee Chi-dong
WASHINGTON (Yonhap) - U.S. Treasury Secretary Timothy Geithner on Wednesday expressed confidence that Congress has a bipartisan strategy in place to pass the long-overdue free trade agreements (FTAs) with South Korea, Colombia and Panama.
But he stopped short of specifying when his administration will submit related bills to Capitol Hill.
U.S. and South Korean officials apparently hope that the bilateral FTA will be ratified by Congress before South Korean President Lee Myung-bak makes an official state visit to Washington next month.
In an interview with CNBC, Geithner admitted that the government wanted to get the bills passed over the summer.
"But I think we're more confident now -- that we have Republican and Democrat agreement for a strategy to get these three bills passed, Korea, Colombia and Panama," he said.
He pointed out that U.S. movement on the FTAs, signed several years ago, is a test of its will to sign such trade pacts with other nations.
"When we demonstrate we can legislate agreements, then countries around the world will have an incentive to negotiate with
us," he said. "Until we demonstrate we can legislate them, they have no incentive to negotiate with us. We're trying to change that."
The U.S. is pushing for an Asia-Pacific regional trade agreement called the Trans-Pacific Partnership.
The Obama administration wants assurance that Congress will quickly ratified the FTAs once they are submitted. Obama's efforts to renew the Trade Adjustment Assistance (TAA), a worker aid program opposed by Republican lawmakers, have been a sticking point. The president has sought to renew the TAA along with the FTAs.
There have been some signs of progress since Congress reconvened last week after a summer recess.
Senate Majority Leader Harry Reid (D-Nev.) said he would bring up legislation on the TAA and the Generalized System of Preferences program as early as this week.
If passed in the Senate, the bill will be forwarded to the House of Representatives. If it is passed in both chambers, it would clear the way for Congress to work on the FTAs.
The Obama administration has announced an upcoming trip to Washington by the South Korean leader earlier than expected in an apparent bid to put pressure on Congress, according to diplomatic sources.
Obama and Lee are scheduled to hold a summit on Oct. 13.
"This visit will highlight the strong alliance, the global partnership, and the deep economic ties between the United States and the Republic of Korea," the White House said in a press release on Tuesday. "The visit will also celebrate the strong bonds of friendship between the American and Korean people."
Whether the bilateral FTA will be ratified in the U.S. before Lee's trip will affect the summit agenda and joint message to the world.
WASHINGTON (Yonhap) - U.S. Treasury Secretary Timothy Geithner on Wednesday expressed confidence that Congress has a bipartisan strategy in place to pass the long-overdue free trade agreements (FTAs) with South Korea, Colombia and Panama.
But he stopped short of specifying when his administration will submit related bills to Capitol Hill.
U.S. and South Korean officials apparently hope that the bilateral FTA will be ratified by Congress before South Korean President Lee Myung-bak makes an official state visit to Washington next month.
In an interview with CNBC, Geithner admitted that the government wanted to get the bills passed over the summer.
"But I think we're more confident now -- that we have Republican and Democrat agreement for a strategy to get these three bills passed, Korea, Colombia and Panama," he said.
He pointed out that U.S. movement on the FTAs, signed several years ago, is a test of its will to sign such trade pacts with other nations.
"When we demonstrate we can legislate agreements, then countries around the world will have an incentive to negotiate with
us," he said. "Until we demonstrate we can legislate them, they have no incentive to negotiate with us. We're trying to change that."
The U.S. is pushing for an Asia-Pacific regional trade agreement called the Trans-Pacific Partnership.
The Obama administration wants assurance that Congress will quickly ratified the FTAs once they are submitted. Obama's efforts to renew the Trade Adjustment Assistance (TAA), a worker aid program opposed by Republican lawmakers, have been a sticking point. The president has sought to renew the TAA along with the FTAs.
There have been some signs of progress since Congress reconvened last week after a summer recess.
Senate Majority Leader Harry Reid (D-Nev.) said he would bring up legislation on the TAA and the Generalized System of Preferences program as early as this week.
If passed in the Senate, the bill will be forwarded to the House of Representatives. If it is passed in both chambers, it would clear the way for Congress to work on the FTAs.
The Obama administration has announced an upcoming trip to Washington by the South Korean leader earlier than expected in an apparent bid to put pressure on Congress, according to diplomatic sources.
Obama and Lee are scheduled to hold a summit on Oct. 13.
"This visit will highlight the strong alliance, the global partnership, and the deep economic ties between the United States and the Republic of Korea," the White House said in a press release on Tuesday. "The visit will also celebrate the strong bonds of friendship between the American and Korean people."
Whether the bilateral FTA will be ratified in the U.S. before Lee's trip will affect the summit agenda and joint message to the world.
