Feb. deadline looms for Korea-US FTA
Chosun Ilbo | Jan.11 2008
Feb. Deadline Looms for Korea-U.S. FTA
It was in late June last year that the much-touted Korea-U.S. free trade agreement was signed between the two countries. More than six months later official ratification of the deal has yet to be made by either the U.S. Congress or the Korean National Assembly.
Korean business organizations say if the stamp of approval is not given by February’s end, the hard-won trade deal reached after seven rounds of negotiations spanning a year-and-a-half could go down the drain.
February is seen as the deadline because the system in the U.S. requires up to three months of review before putting it to a yes/no vote in the Congress.
The urgency is what prompted business leaders to urge the National Assembly to speed up ratification of the agreement before the Roh Moo-hyun administration ends next month.
A private FTA committee led by Lee Hee-beom, chairman of the Korea International Trade Association, lamented over the plight of the back-logged trade bill.
The committee is not ruling out the possibility of the bill getting shelved due to the transfer of governments both in Korea and in the U.S.
Korea’s general elections in April and political events in the U.S. leading up to the November presidential election are expected to pose hurdles, meaning the ratification bill could be pushed back further.
And free trade could become a hot-button issue in the U.S. presidential race as candidates make promises of saving American jobs, further complicating prospects for ratification.
The committee is urging Korea to take the initiative by ratifying the FTA ahead of the U.S. at a temporary Assembly session that opens in February.
Arirang News
