ID :
212575
Thu, 10/13/2011 - 12:02
Auther :
Shortlink :
https://oananews.org//node/212575
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(Yonhap Editorial) South Korea should speed up Korea-U.S. FTA ratification
SEOUL, Oct. 13 (Yonhap) -- The U.S. Congress completed its long-overdue ratification of the South Korea-United States free trade agreement (FTA) Wednesday (local time), four years and four months after the bilateral agreement was signed by the two countries in April 2007.
The question now is when South Korea's National Assembly will ratify the FTA. The ruling Grand National Party is pushing for ratification within this month to put the deal into effect in January. But opposition parties are against endorsing the agreement, instead demanding renegotiations and claiming the deal favors the U.S.
Now that the U.S. has ratified the deal, any renegotiation as the opposition parties demand has become impossible. Therefore, the ruling and opposition parties should demonstrate a politics of persuasion and compromise for the deal to take effect on Jan. 1, 2012, and reach agreement on how to minimize the possible damage to certain domestic industries.
Compared with the United States, South Korea has more processes required to put the FTA into effect, i.e. the revision of relevant laws to adhere to FTA clauses. If the National Assembly fails to approve the ratification bill this month, the time of the agreement coming into effect will be delayed further, which will impose upon the country an additional burden and hamper its international credibility.
The ratification of the FTA with the U.S. is a task that should not be delayed any further. For South Korea, which is heavily dependent on foreign exports, the Korea-U.S. FTA is a good chance to sharply increase its exports. The approval of the deal by the U.S. Congress was welcomed by leading economic organizations such as the Federation of Korean Industries and the Korea Chamber of Commerce and Industry, who said another bridgehead had been established following the coming into effect of the Korea-EU FTA.
According to leading economic research institutes, the Korea-U.S. FTA will boost South Korea's gross domestic product by 5.66 percent and create 350,000 jobs. The free trade pact is also 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 but should instead suggest reasonable and practical compromises.
The ruling and opposition parties are advised to handle this issue with dialogue and a spirit of compromise. The government should also prepare thorough measures to minimize subsequent damage to domestic industries and to support their competitiveness.
The question now is when South Korea's National Assembly will ratify the FTA. The ruling Grand National Party is pushing for ratification within this month to put the deal into effect in January. But opposition parties are against endorsing the agreement, instead demanding renegotiations and claiming the deal favors the U.S.
Now that the U.S. has ratified the deal, any renegotiation as the opposition parties demand has become impossible. Therefore, the ruling and opposition parties should demonstrate a politics of persuasion and compromise for the deal to take effect on Jan. 1, 2012, and reach agreement on how to minimize the possible damage to certain domestic industries.
Compared with the United States, South Korea has more processes required to put the FTA into effect, i.e. the revision of relevant laws to adhere to FTA clauses. If the National Assembly fails to approve the ratification bill this month, the time of the agreement coming into effect will be delayed further, which will impose upon the country an additional burden and hamper its international credibility.
The ratification of the FTA with the U.S. is a task that should not be delayed any further. For South Korea, which is heavily dependent on foreign exports, the Korea-U.S. FTA is a good chance to sharply increase its exports. The approval of the deal by the U.S. Congress was welcomed by leading economic organizations such as the Federation of Korean Industries and the Korea Chamber of Commerce and Industry, who said another bridgehead had been established following the coming into effect of the Korea-EU FTA.
According to leading economic research institutes, the Korea-U.S. FTA will boost South Korea's gross domestic product by 5.66 percent and create 350,000 jobs. The free trade pact is also 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 but should instead suggest reasonable and practical compromises.
The ruling and opposition parties are advised to handle this issue with dialogue and a spirit of compromise. The government should also prepare thorough measures to minimize subsequent damage to domestic industries and to support their competitiveness.
