ID :
212287
Wed, 10/12/2011 - 03:58
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https://oananews.org//node/212287
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Lee says FTA with U.S. will leave S. Korea with larger 'economic territory' than U.S.
(ATTN: UPDATES with Lee's meeting with South Korean residents; TRIMS)
By Chang Jae-soon
WASHINGTON (Yonhap) - President Lee Myung-bak on Tuesday stressed the importance of exports to South Korea's economy, saying that the upcoming sealing of a free trade deal with the United States will leave his country with larger "economic territory" than the American ally.
"We are a nation that can't help but rely on exports as we possess little," Lee said during a meeting with South Korean residents in Washington and nearby areas, referring to the country's lack of natural resources.
Lee arrived in Washington earlier in the day for a five-day state visit centering on a free trade agreement that Congress is expected to approve on Wednesday. The landmark agreement, first signed in 2007 and modified last year, is expected to bring the two traditional allies closer together.
"We will come to have larger economic territory than the United States," he said.
South Korea, a resource-scarce nation that relies mainly on exports for economic growth, has been aggressively seeking free-trade accords with foreign countries to expand what Lee calls the country's "economic territory."
Besides the agreement with the U.S., the fourth-largest Asian economy has seven FTAs already in effect, including those with the European Union and India, and is in negotiations with seven other nations, including Canada, Mexico, Australia and New Zealand.
With no thorny issues at hand between Seoul and Washington, Lee's visit is expected to be largely a celebratory event centering on the trade pact.
After Thursday's summit talks with Obama, Lee is scheduled to address a joint session of Congress, a rare event organized to mark the deal's ratification. Lee will be the first South Korean leader to speak at a joint Congressional session in 13 years after a 1998 speech by late former President Kim Dae-jung.
Lee and Obama also plan to travel together to Detroit, the heart of the U.S. auto industry, on Friday, a symbolic move apparently aimed at promoting the benefits of the trade accord amid American automakers' concerns that it could hurt their interests.
On his way home, Lee plans to spend a night in Chicago, Obama's political hometown, for a dinner meeting with business leaders of the two countries that will be hosted by Chicago Mayor Rahm Emanuel, who had served as Obama's chief of staff. The trade deal will be a key topic there as well, officials said.
The trade pact, which was modified last year to address U.S. concerns about its auto industry, calls for tearing down or reducing tariffs and other barriers to the exchange of goods and services. Officials have stressed the accord is not simply an economic deal but will also have far-reaching impacts on the overall relations between the traditional allies.
According to government data, the free-trade accord with the U.S. is expected to increase South Korea's gross domestic product by 7.2 percent to US$32.6 billion over the next seven to 10 years, while helping to create an additional 520,000 jobs.
The likely U.S. ratification is expected to put pressure on South Korea's National Assembly to follow suit. The deal, which now stands at a parliamentary trade committee, has been one of the most contentious issues in parliament amid opposition objections.
The main opposition Democratic Party claims the deal favors the U.S. and should be renegotiated.
Other topics for Lee's summit talks with Obama will include North Korea, the regional situation in East Asia and other global matters, but no new agreement is expected on those issues, officials said.
"We don't have anything (in) particular that needs coordination of positions," the senior presidential secretary said. "As there are no differences in the positions on issues like North Korea, we expect the two sides to simply reconfirm existing positions and celebrate the alliance that is more solid than ever."
Under Lee, Seoul and Washington have worked closely together in dealing with North Korea and its provocations, with the U.S. government fully backing Seoul's policy that improvement in inter-Korean relations is a precondition for better ties between Washington and Pyongyang.
By Chang Jae-soon
WASHINGTON (Yonhap) - President Lee Myung-bak on Tuesday stressed the importance of exports to South Korea's economy, saying that the upcoming sealing of a free trade deal with the United States will leave his country with larger "economic territory" than the American ally.
"We are a nation that can't help but rely on exports as we possess little," Lee said during a meeting with South Korean residents in Washington and nearby areas, referring to the country's lack of natural resources.
Lee arrived in Washington earlier in the day for a five-day state visit centering on a free trade agreement that Congress is expected to approve on Wednesday. The landmark agreement, first signed in 2007 and modified last year, is expected to bring the two traditional allies closer together.
"We will come to have larger economic territory than the United States," he said.
South Korea, a resource-scarce nation that relies mainly on exports for economic growth, has been aggressively seeking free-trade accords with foreign countries to expand what Lee calls the country's "economic territory."
Besides the agreement with the U.S., the fourth-largest Asian economy has seven FTAs already in effect, including those with the European Union and India, and is in negotiations with seven other nations, including Canada, Mexico, Australia and New Zealand.
With no thorny issues at hand between Seoul and Washington, Lee's visit is expected to be largely a celebratory event centering on the trade pact.
After Thursday's summit talks with Obama, Lee is scheduled to address a joint session of Congress, a rare event organized to mark the deal's ratification. Lee will be the first South Korean leader to speak at a joint Congressional session in 13 years after a 1998 speech by late former President Kim Dae-jung.
Lee and Obama also plan to travel together to Detroit, the heart of the U.S. auto industry, on Friday, a symbolic move apparently aimed at promoting the benefits of the trade accord amid American automakers' concerns that it could hurt their interests.
On his way home, Lee plans to spend a night in Chicago, Obama's political hometown, for a dinner meeting with business leaders of the two countries that will be hosted by Chicago Mayor Rahm Emanuel, who had served as Obama's chief of staff. The trade deal will be a key topic there as well, officials said.
The trade pact, which was modified last year to address U.S. concerns about its auto industry, calls for tearing down or reducing tariffs and other barriers to the exchange of goods and services. Officials have stressed the accord is not simply an economic deal but will also have far-reaching impacts on the overall relations between the traditional allies.
According to government data, the free-trade accord with the U.S. is expected to increase South Korea's gross domestic product by 7.2 percent to US$32.6 billion over the next seven to 10 years, while helping to create an additional 520,000 jobs.
The likely U.S. ratification is expected to put pressure on South Korea's National Assembly to follow suit. The deal, which now stands at a parliamentary trade committee, has been one of the most contentious issues in parliament amid opposition objections.
The main opposition Democratic Party claims the deal favors the U.S. and should be renegotiated.
Other topics for Lee's summit talks with Obama will include North Korea, the regional situation in East Asia and other global matters, but no new agreement is expected on those issues, officials said.
"We don't have anything (in) particular that needs coordination of positions," the senior presidential secretary said. "As there are no differences in the positions on issues like North Korea, we expect the two sides to simply reconfirm existing positions and celebrate the alliance that is more solid than ever."
Under Lee, Seoul and Washington have worked closely together in dealing with North Korea and its provocations, with the U.S. government fully backing Seoul's policy that improvement in inter-Korean relations is a precondition for better ties between Washington and Pyongyang.
