JoongAng Daily, Korea
Time running out on FTA
May passage will save repeat work: official
2 April 2008
By Jung Ha-won, Staff Reporter
The Korean government made yet another plea to local assemblymen to pass the much-disputed free trade agreement with the United States before the National Assembly session ends in May, calling the inability to ratify the pact in both countries "very regrettable". But the bill, signed on April 2 one year ago, faces diminishing hopes. Legislators in both countries are dragging their feet amid upcoming elections, rural American voters are demanding the resumption of U.S. beef imports to Korea and the U.S. Congress is struggling with the ratification of other FTAs.
Meanwhile, Lee Hye-min, deputy Foreign Minister for free trade agreements, said yesterday that the nation's prolonged negotiations to strike an FTA with the European Union may be wrapped up before Korea and the United States ratify their own trade deal.
"It is very regrettable that the congresses in both countries have been unable to pass the bill. Even a year has passed since the bill was signed," Lee said in a briefing yesterday.
Korean legislators who have been busy campaigning for the general election on April 9 have set policy discussions on the bill aside. But Lee said the National Assembly, whose session ends in May, still has time to pass the bill, the largest trade pact ever signed by Korea and the second largest by the U.S.
"If the bill goes to the next session, we have to repeat the process of policy discussion all over again, which is a massive waste of energy, and we may miss the chance to ratify the bill if we face difficulty in revising related laws."
Lee also said Washington would eventually pass the trade pact despite the latest political hubbub about Seoul's resumption of U.S. beef imports, but not before the U.S. Congress approves an FTA with Colombia.
"The U.S. plans to ratify in order the three FTA bills it signed with Colombia, Panama and Korea, respectively, but because of the political situations in Panama, Korea's turn will be second after Colombia," he said.
But many U.S. Democratic legislators are demanding that trade adjustment assistance, which provides aid to domestic workers who lose their jobs or whose wages are cut as a result of increased imports, be beefed up before ratifying the FTA with Colombia.
