ID :
211433
Thu, 10/06/2011 - 02:31
Auther :
Shortlink :
https://oananews.org//node/211433
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Bipartisanship on FTA
The Korea Times
(Yonhap) - U.S. President Barack Obama has forwarded the Korea-U.S. free trade agreement (FTA) to Congress Monday for ratification. Indications are that a bipartisan ratification will be possible at the Congress around next Friday when Obama holds a summit with President Lee Myung-bak at the White House. Now is the time for the National Assembly to show the same bipartisanship.
The governing Grand National Party faces resistance from the opposition parties, including the Democratic Party (DP), in its plan to ratify the deal this month. The opposition DP floated the so-called 10+2 proposal before it endorses the accord. It calls for the re-negotiation of 10 "poisonous" codes it believes are detrimental to local industries. It also requests the legislation of two extra domestic bills to offset the possible damage local companies might encounter after the deal goes into effect.
Before ratifying the accord, the National Assembly must pass 14 related bills. Congress has only to ratify it before it becomes effective.
Few dispute the benefits of the deal. Even the opposition parties have yet to provide convincing data that the agreement would spoil the economy.
Timing is also crucial. The world economy is now in uncharted water. Korea needs as many FTAs as possible to energize the faltering economy.
Korea-EU trade rose by 10 percent after the bilateral FTA went into effect. Korea's exports to Peru skyrocketed by 114 percent and imports from Peru grew by 50 percent after their FTA was put into force in August.
The DP has enough sentimental reasons for demanding the renegotiation. Washington went against international norms by renegotiating the accord. This embarrassed Koreans. Despite this, the trade deal's commercial benefits far outweigh any losses linked to renegotiation.
Koreans and Americans should be proud of the deal as it has symbolism. Just five decades ago, Korea was an aid beneficiary of the United States. Now the two countries have become equal trade partners.
The FTA is not an option but a necessity for Korea's economic prosperity. Korea's link to the world's second largest economy via the pact would bring the two allies closer than before.
Lee needs to invite leaders of the political parties to Cheong Wa Dae to appeal for a bipartisan approach to the FTA.
The main opposition DP should respect majority rule at the legislature. It must at least allow the governing party to ratify the deal. The DP risks public disillusionment and international scorn if it mobilizes sledgehammers and saws to block the passage.
The DP should know that it was their leader, the late former President Roh Moo-hyun that took the initiative on the deal. Its blockade would disappoint even its supporters. Foreign leaders would see the opposition party as a reliable future partner when it endorses the deal.
The ratification would be an occasion to uncork the champagne.
(Yonhap) - U.S. President Barack Obama has forwarded the Korea-U.S. free trade agreement (FTA) to Congress Monday for ratification. Indications are that a bipartisan ratification will be possible at the Congress around next Friday when Obama holds a summit with President Lee Myung-bak at the White House. Now is the time for the National Assembly to show the same bipartisanship.
The governing Grand National Party faces resistance from the opposition parties, including the Democratic Party (DP), in its plan to ratify the deal this month. The opposition DP floated the so-called 10+2 proposal before it endorses the accord. It calls for the re-negotiation of 10 "poisonous" codes it believes are detrimental to local industries. It also requests the legislation of two extra domestic bills to offset the possible damage local companies might encounter after the deal goes into effect.
Before ratifying the accord, the National Assembly must pass 14 related bills. Congress has only to ratify it before it becomes effective.
Few dispute the benefits of the deal. Even the opposition parties have yet to provide convincing data that the agreement would spoil the economy.
Timing is also crucial. The world economy is now in uncharted water. Korea needs as many FTAs as possible to energize the faltering economy.
Korea-EU trade rose by 10 percent after the bilateral FTA went into effect. Korea's exports to Peru skyrocketed by 114 percent and imports from Peru grew by 50 percent after their FTA was put into force in August.
The DP has enough sentimental reasons for demanding the renegotiation. Washington went against international norms by renegotiating the accord. This embarrassed Koreans. Despite this, the trade deal's commercial benefits far outweigh any losses linked to renegotiation.
Koreans and Americans should be proud of the deal as it has symbolism. Just five decades ago, Korea was an aid beneficiary of the United States. Now the two countries have become equal trade partners.
The FTA is not an option but a necessity for Korea's economic prosperity. Korea's link to the world's second largest economy via the pact would bring the two allies closer than before.
Lee needs to invite leaders of the political parties to Cheong Wa Dae to appeal for a bipartisan approach to the FTA.
The main opposition DP should respect majority rule at the legislature. It must at least allow the governing party to ratify the deal. The DP risks public disillusionment and international scorn if it mobilizes sledgehammers and saws to block the passage.
The DP should know that it was their leader, the late former President Roh Moo-hyun that took the initiative on the deal. Its blockade would disappoint even its supporters. Foreign leaders would see the opposition party as a reliable future partner when it endorses the deal.
The ratification would be an occasion to uncork the champagne.
