Korea Times
KORUS FTA Baton Passed On to Lee
By Jane Han, Staff Reporter
24 February 2008
What was once a possibility has become a reality, as Seoul carries over one of the most burdensome agendas from its former President Roh Moo-hyun's administration. Now facing more uphill conditions, prospects for the deadlocked Korea-U.S. free trade agreement (FTA) look even dimmer, experts say.
Supporters of the bilateral trade accord ― commonly known as the KORUS FTA ― have campaigned that the ratification bill be passed during the National Assembly's February plenary session, as upcoming political situations are likely to work against the pact.
``There are concerns that the ratification of the legislation may be delayed indefinitely if the National Assembly fails to pass it during this month's session,'' Trade Minister Kim Jong-hoon, the chief negotiator of the deal signed last June, told reporters last week.
However, as efforts ended in vain mainly over rifts on beef issues, the FTA agenda is now expected to be a political playing card for candidates running in the Parliamentary elections in April.
The landmark FTA, if ratified, will join the world's largest and 11th largest economies, with the elimination of significant tariff and non-tariff barriers.
Newly elected President Lee Myung-bak's Grand National Party sought to pass the bill before inauguration. But the opposition United Democratic Party and the progressive Democratic Labor Party, which together hold a majority in the 299-member legislature, have insisted for vote after the April 9 poll.
``Candidates are expected to promise pork-barrel policies to win votes,'' said Cheong In-kyo, an economics professor at Inha University, insisting that if there's no approval in February, a review in the 17th National Assembly is critical.
He said progress made in the 17th session would be voided if the KORUS FTA is carried over to the 18th National Assembly after the general elections, which would start the debate from scratch.
This would also fan more delays, since the U.S. political calendar, by summer, will be more dominated with the presidential election, said Kim.
Keeping this in mind, experts have estimated that Washington must submit the bill to Congress by March in order to leave enough time for the 90-day ratification process.
Similar to delays on the domestic front, observers predict that progress on Capitol Hill is unlikely before the election because vocal FTA opponents there have close links with decision-making politicians.
However, local economic think tanks have stressed Korea's progress is necessary regardless of the U.S. schedule, as each country has its own political issues to deal with.
They said a transfer to the 18th National Assembly will only worsen circumstances, therefore the new administration must focus on convincing politicians to end the issue during the 17th session, set to end on May 29.
