Lawmakers postpone Korea-US FTA bill
Arirang News | 5 March 2009
Lawmakers Postpone Korea-U.S. FTA Bill
Ruling and opposition party lawmakers have tentatively agreed to postpone until April a decision on ratifying the Korea-U.S. free trade agreement concluded in 2007.
The deal would mark America’s first free trade agreement with a major Asian economy and its largest trade agreement since one signed with Canada and Mexico in 1993.
For Korea, the deal is by far its largest FTA. Korea has formed free trade agreements with Chile, Singapore and the European Free Trade Association. Ratification has been delayed by the National Assembly as opposition lawmakers are mindful of protests from farmers who fear losing valuable market share.
