ID :
211102
Tue, 10/04/2011 - 12:53
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Shortlink :
https://oananews.org//node/211102
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(Yonhap Editorial) FTA ratification should be handled without further delay
SEOUL, Oct. 4 (Yonhap) -- U.S. President Barack Obama on Monday sent free trade agreements (FTAs) with South Korea, Colombia and Panama to Congress, pressing lawmakers to pass them promptly.
Obama's action raises hopes that the ratification process will be completed before South Korean President Lee Myung-bak visits the United States next week. The House is expected to approve the FTAs next week, followed by a vote by the Senate.
South Korean officials said there will be no hurdles to the ratification of the trade bills, saying it is merely a matter of time. Congress must vote yes or no within 90 days under the "fast-track" Trade Promotion Authority.
"Before an FTA is submitted, the Democratic and Republican parties iron out differences and (the White House) checks the vote count necessary for ratification," the South Korean Embassy in Washington said in a press release. "So far, an FTA implementing bill has never been voted down."
The Korea-U.S. FTA is likely to be ratified first in the United States about four years and three months after the agreement was signed in June 2007. The ratification by the U.S. Congress is likely to be followed by the South Korean parliament. The free trade agreement is expected to take effect in January next year.
The ratification process, however, does not seem to be very easy in Korea. The ratification bill was presented to the National Assembly's foreign affairs and trade committee on Sept. 16 amid objections from opposition lawmakers, 106 days after the bill was introduced in the National Assembly. The bill should pass through the committee and then needs approval of the plenary session.
The ruling Grand National Party (GNP) is calling for a speedy ratification, while the main opposition Democratic Party (DP) claims the deal favors the U.S. and should be renegotiated.
The ratification of the FTA with the U.S. is a task that should not be delayed any further. South Korea, which is heavily dependent on foreign exports, cannot stand if it fails to secure the huge American market. According to leading economic research institutes the Korea-U.S. FTA will boost the nation's gross domestic product by 5.66 percent and create 350,000 jobs. The free trade pact also is expected to consolidate the security alliance of the two countries.
The ruling and opposition camps should exercise their political capacity to swiftly handle the ratification bill, transcending their political interests. The GNP reportedly plans to pass the bill in the foreign affairs and trade committee by Oct. 18-19 and in the plenary session on Oct. 28. The ruling party should first persuade the opposition party and get their cooperation for the passage of the bill. The opposition party should refrain from blindly opposing the measure, instead it should suggest reasonable and practical compromises.
The ruling and opposition parties are advised to handle the issue with dialogue and a spirit of compromise. Also the government should prepare thorough measures to minimize the damage to domestic industries and support their competitiveness.
(END)
Obama's action raises hopes that the ratification process will be completed before South Korean President Lee Myung-bak visits the United States next week. The House is expected to approve the FTAs next week, followed by a vote by the Senate.
South Korean officials said there will be no hurdles to the ratification of the trade bills, saying it is merely a matter of time. Congress must vote yes or no within 90 days under the "fast-track" Trade Promotion Authority.
"Before an FTA is submitted, the Democratic and Republican parties iron out differences and (the White House) checks the vote count necessary for ratification," the South Korean Embassy in Washington said in a press release. "So far, an FTA implementing bill has never been voted down."
The Korea-U.S. FTA is likely to be ratified first in the United States about four years and three months after the agreement was signed in June 2007. The ratification by the U.S. Congress is likely to be followed by the South Korean parliament. The free trade agreement is expected to take effect in January next year.
The ratification process, however, does not seem to be very easy in Korea. The ratification bill was presented to the National Assembly's foreign affairs and trade committee on Sept. 16 amid objections from opposition lawmakers, 106 days after the bill was introduced in the National Assembly. The bill should pass through the committee and then needs approval of the plenary session.
The ruling Grand National Party (GNP) is calling for a speedy ratification, while the main opposition Democratic Party (DP) claims the deal favors the U.S. and should be renegotiated.
The ratification of the FTA with the U.S. is a task that should not be delayed any further. South Korea, which is heavily dependent on foreign exports, cannot stand if it fails to secure the huge American market. According to leading economic research institutes the Korea-U.S. FTA will boost the nation's gross domestic product by 5.66 percent and create 350,000 jobs. The free trade pact also is expected to consolidate the security alliance of the two countries.
The ruling and opposition camps should exercise their political capacity to swiftly handle the ratification bill, transcending their political interests. The GNP reportedly plans to pass the bill in the foreign affairs and trade committee by Oct. 18-19 and in the plenary session on Oct. 28. The ruling party should first persuade the opposition party and get their cooperation for the passage of the bill. The opposition party should refrain from blindly opposing the measure, instead it should suggest reasonable and practical compromises.
The ruling and opposition parties are advised to handle the issue with dialogue and a spirit of compromise. Also the government should prepare thorough measures to minimize the damage to domestic industries and support their competitiveness.
(END)
