ID :
212304
Wed, 10/12/2011 - 07:09
Auther :
Shortlink :
https://oananews.org//node/212304
The shortlink copeid
Ruling party chief pledges ratification of U.S. FTA this month
SEOUL (Yonhap) - South Korea's ruling party chief Wednesday vowed to complete parliamentary endorsement of a landmark free trade deal with the United States within this month, citing an imminent move by the U.S. Congress to approve it.
Rep. Hong Joon-pyo of the Grand National Party (GNP) said in a speech aired by a local radio station that the National Assembly must give its blessing to the pact that could further strengthen bilateral economic and diplomatic relations.
The main opposition Democratic Party claims the deal favors the U.S. and should be renegotiated. Still, the ruling party alone can pass the long-pending agreement as it controls 168 out of 295 seats in the unicameral parliament, according to parliamentary officials.
His comment comes as the Congress is likely to pass the pact on Wednesday on the eve of a summit between South Korean President Lee Myung-bak and his U.S. counterpart Barack Obama in Washington D.C.
Lee arrived in Washington on Tuesday for a five-day state visit that is expected to be dominated by the trade issue.
The two allies signed the accord in 2007, which calls for tearing down or reducing tariffs and other barriers on the exchange of goods and services. The two sides modified the deal last year to help address Washington's concerns about its auto industry.
According to government data, the deal 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.
South Korea, a resource-scarce nation that relies mainly on exports for economic growth, has been aggressively seeking free-trade accords with foreign countries.
The fourth-largest Asian economy has seven trade deals already in effect, including those with the European Union and India, and is in negotiation with seven other nations, including Canada, Mexico, Australia and New Zealand.
Rep. Hong Joon-pyo of the Grand National Party (GNP) said in a speech aired by a local radio station that the National Assembly must give its blessing to the pact that could further strengthen bilateral economic and diplomatic relations.
The main opposition Democratic Party claims the deal favors the U.S. and should be renegotiated. Still, the ruling party alone can pass the long-pending agreement as it controls 168 out of 295 seats in the unicameral parliament, according to parliamentary officials.
His comment comes as the Congress is likely to pass the pact on Wednesday on the eve of a summit between South Korean President Lee Myung-bak and his U.S. counterpart Barack Obama in Washington D.C.
Lee arrived in Washington on Tuesday for a five-day state visit that is expected to be dominated by the trade issue.
The two allies signed the accord in 2007, which calls for tearing down or reducing tariffs and other barriers on the exchange of goods and services. The two sides modified the deal last year to help address Washington's concerns about its auto industry.
According to government data, the deal 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.
South Korea, a resource-scarce nation that relies mainly on exports for economic growth, has been aggressively seeking free-trade accords with foreign countries.
The fourth-largest Asian economy has seven trade deals already in effect, including those with the European Union and India, and is in negotiation with seven other nations, including Canada, Mexico, Australia and New Zealand.
