S. Korea, U.S. biz leaders urge for early ratification of Korea-U.S. FTA
Yonhap, Korea
S. Korea, U.S. biz leaders urge for early ratification of Korea-U.S. FTA
7 February 2010
SEOUL, Feb. 7 (Yonhap) — A major South Korean business lobby said Sunday it has convened a meeting in Los Angeles with U.S. business leaders to push for the prompt ratification of a Seoul-Washington free trade deal.
At the meeting on Saturday, business leaders from the two countries welcomed U.S. President Barack Obama’s pledge, made in his first State of Union speech, to enhance trade with South Korea and other countries to help support the economic recovery, according to the Federation of Korean Industries (FKI).
They also demanded that the U.S. president be more active in pushing for Congressional ratification of the pending free trade agreement with South Korea.
Signed in 2007, the trade deal — dubbed the KORUS FTA — has been stalled in the legislatures of both nations due to concerns over a trade imbalance in autos and farm goods.
The meeting was attended by FKI Chairman Cho Suck-rai and Lee Yoon-woo, vice chairman of Samsung Electronics Co. Wendy Cutler, assistant U.S. trade representative for Japan, Korea and APEC affairs, also made an appearance to give a special speech.
