SKorea lawmakers endorse US FTA bill
Agence France Presse | 25 February 2009
SKorea lawmakers endorse US FTA bill
SEOUL (AFP) - A subcommittee of South Korea’s parliament Wednesday endorsed a government bill to ratify a free trade pact with the United States, party officials said.
The bill was approved by the judiciary subcommittee after opposition legislators boycotted the meeting, the ruling Grand National Party (GNP) said.
The bill still requires approval by the subcommittees for foreign affairs, trade and unification, before it is submitted to a plenary session of the National Assembly for ratification.
The trade pact signed in 2007 awaits ratification by both countries’ legislatures.
In January opposition lawmakers staged a sit-in to block passage of the pact and other government bills. A clash on January 3 left 53 security guards and two opposition legislators injured.
The GNP believes the pact is necessary to stimulate the economy and argues that approval by Seoul will encourage the US Congress to approve it too.
The main opposition Democratic Party, which has 83 seats in the 299-member legislature against the GNP’s 172, has refused to endorse the agreement before the US Congress does.
South Korea has ruled out renegotiating the pact despite calls by the new US administration for changes.
US President Barack Obama has called the deal "badly flawed" and that it does too little to narrow a huge imbalance in South Korea’s favour, especially in the auto trade.
The pact would be the largest for the US since it signed the North American Free Trade Agreement with Canada and Mexico in 1994.
