S. Korean president says FTA will benefit both Korea, U.S.

(ATTN: UPDATES with outcome Lee's meeting with U.S. treasury secretary in paras 8-9)
By Byun Duk-kun
WASHINTON, June 15 (Yonhap) -- South Korean President Lee Myung-bak urged the
United States Monday to quickly ratify a free trade agreement (FTA) signed
between the countries nearly two years ago, saying the FTA will significantly
benefit both countries while strengthening the half-century-old alliance between
the two.

The South Korean president's renewed call came in a meeting with U.S. Trade
Representative (USTR) Ronald Kirk.
"While noting the economic and trade relations between South Korea and the United
States have steadily improved over the years, President Lee called for USTR
Kirk's active efforts to produce progress that is acceptable by both sides,
saying an early enactment of the Korea-U.S. FTA will not only benefit both
countries, but will also help significantly strengthen the overall alliance
between them," a spokesman for the South Korean president said of the meeting.
Lee arrived here earlier Monday on a three-day official visit, which will include
a bilateral summit with U.S. President Barack Obama on Tuesday.
The trade deal was signed in June 2007 by the countries' former administrations.
Seoul wants to quickly move ahead with the ratification of the agreement, but the
Obama government has been somewhat reluctant to do so, citing possible damages to
U.S. industries, especially the auto industry.
"President Lee also called for U.S. efforts to fight trade protectionism, which
was one of actions agreed upon at the G-20 economic summit" to counter the global
recession, the Cheong Wa Dae spokesman said in a released statement.
Kirk noted Lee's efforts to fight the global economic crisis and said the U.S.
will work to meet the South Korean leader's expectations, it said.
The South Korean president later met with U.S. Secretary of Treasury Timothy
Geithner and discussed ways to form a joint front against the global financial
crisis and the growing protectionist trend.
Lee said it was important for the countries to "institutionalize" steps to fight
protectionism and toxic financial assets, which caused the ongoing financial
meltdown and will cause further harm if not immediately dealt with, according to
his spokesman.
The South Korean president was set to hold talks with the leaders of the U.S.
Senate and House on Tuesday to rally support for the ratification of the FTA, as
well as joint Korea-U.S. efforts to fight the global economic crisis, according
to South Korean officials accompanying the president.
bdk@yna.co.kr
(END)