ID :
209001
Fri, 09/23/2011 - 09:52
Auther :
Shortlink :
https://oananews.org//node/209001
The shortlink copeid
Lee expects early ratification of Korea-U.S. trade deal
By Chang Jae-soon
SEATTLE (Yonhap) -- President Lee Myung-bak said Thursday he anticipates South Korea's long-pending free trade agreement with the United States will win legislative approval "soon," possibly before his planned visit to Washington next month.
The remark, made during a meeting with South Korean residents in Seattle, is one of the strongest yet to suggest that the deal's ratification is near. Lee said he may invite U.S. lawmakers during his trip to Washington to celebrate the possible ratification.
"The Republic of Korea will have an FTA (with the U.S.) soon. I anticipate I may invite and treat guests from the Senate and the House of Representatives when I make a state visit on Oct. 13," Lee said. "U.S. President Barack Obama has the same view on that point, and I think Senate and House leaders are working hard."
The accord was first signed in 2007 and then modified last year to help address Washington's concerns about its auto industry. The deal has since been awaiting legislative approval from both countries.
In Washington earlier Thursday, the Democratic-led Senate voted to approve the renewal of the Trade Adjustment Assistance (TAA), a worker training program, raising hopes of the ratification of free trade deals with South Korea, Colombia and Panama.
The TAA's approval, coupled with the renewal of the Generalized System of Preferences, represents a step forward in efforts to get the trade deals to pass through Congress. Obama has reportedly been seeking assurances that the renewal of the TAA will be passed in both chambers of Congress before submitting the bills implementing the FTAs.
House Speaker John Boehner renewed his call for Obama to send the FTAs to Congress immediately.
"If the president submits these agreements promptly, I'm confident that all four bills can be signed into law by mid-October," he said in a statement shortly after the Senate vote.
The trade deal was also a key topic during Lee's meeting with Washington State Governor Christine Gregoire earlier in the day. South Korea is the state of Washington's fourth-largest trade partner with their bilateral trade volume amounting to US$4.3 billion last year.
"If the FTA goes into effect, it will be a win-win situation for both countries," Lee said. "Among others, I think Washington state will benefit the most. ... I asked the Washington governor to visit South Korea earlier than anybody else if the FTA takes effect."
Lee also said the trade agreement will provide American companies with much greater access to Asian markets while further strengthening the overall relations between the two traditional allies.
Lee also sought to dispel concerns among U.S. automakers that the FTA will put them at risk.
"The U.S. is a country that has technologies and has already been manufacturing electric vehicles. To produce batteries for those vehicles, the Korean firm LG built the world's largest (vehicle battery) plant (in the U.S.) ... If we unite our strength together, the auto industry will fare well."
SEATTLE (Yonhap) -- President Lee Myung-bak said Thursday he anticipates South Korea's long-pending free trade agreement with the United States will win legislative approval "soon," possibly before his planned visit to Washington next month.
The remark, made during a meeting with South Korean residents in Seattle, is one of the strongest yet to suggest that the deal's ratification is near. Lee said he may invite U.S. lawmakers during his trip to Washington to celebrate the possible ratification.
"The Republic of Korea will have an FTA (with the U.S.) soon. I anticipate I may invite and treat guests from the Senate and the House of Representatives when I make a state visit on Oct. 13," Lee said. "U.S. President Barack Obama has the same view on that point, and I think Senate and House leaders are working hard."
The accord was first signed in 2007 and then modified last year to help address Washington's concerns about its auto industry. The deal has since been awaiting legislative approval from both countries.
In Washington earlier Thursday, the Democratic-led Senate voted to approve the renewal of the Trade Adjustment Assistance (TAA), a worker training program, raising hopes of the ratification of free trade deals with South Korea, Colombia and Panama.
The TAA's approval, coupled with the renewal of the Generalized System of Preferences, represents a step forward in efforts to get the trade deals to pass through Congress. Obama has reportedly been seeking assurances that the renewal of the TAA will be passed in both chambers of Congress before submitting the bills implementing the FTAs.
House Speaker John Boehner renewed his call for Obama to send the FTAs to Congress immediately.
"If the president submits these agreements promptly, I'm confident that all four bills can be signed into law by mid-October," he said in a statement shortly after the Senate vote.
The trade deal was also a key topic during Lee's meeting with Washington State Governor Christine Gregoire earlier in the day. South Korea is the state of Washington's fourth-largest trade partner with their bilateral trade volume amounting to US$4.3 billion last year.
"If the FTA goes into effect, it will be a win-win situation for both countries," Lee said. "Among others, I think Washington state will benefit the most. ... I asked the Washington governor to visit South Korea earlier than anybody else if the FTA takes effect."
Lee also said the trade agreement will provide American companies with much greater access to Asian markets while further strengthening the overall relations between the two traditional allies.
Lee also sought to dispel concerns among U.S. automakers that the FTA will put them at risk.
"The U.S. is a country that has technologies and has already been manufacturing electric vehicles. To produce batteries for those vehicles, the Korean firm LG built the world's largest (vehicle battery) plant (in the U.S.) ... If we unite our strength together, the auto industry will fare well."
