Trade minister vows to defend ’Maginot Line’ in FTA
Chosun Ilbo, Korea
Trade Minister Vows to Defend ’Maginot Line’ in FTA
17 April 2006
Korea will need to end negotiations for a free trade agreement with the U.S. as it did with Japan if it cannot defend its “Maginot Line” — protection for sensitive agricultural and service sectors — Trade Minister Kim Hyun-chong said Monday.
Kim made the remarks in a meeting with foreign reporters, where he also said the government will not rush through FTA negotiations to conclude them before the Bush administration’s Trade Promotion Authority (TPA) expires in March next year. He stressed the contents the country gets through negotiations is more important than meeting the deadline. The TPA is a temporary authority from Congress to facilitate free trade agreements.
According to the minister, the government’s strategy for the negotiations is to fully liberalize sectors where Korea has a competitive edge, including industrial products, while dealing case by case with sectors including the service industry that need to develop strategically. As for the agricultural market, he said the government will focus on facilitating restructuring of the market while minimizing possible damage.
He stressed benefits from an FTA, saying a 1 percent increase in market share in the U.S. could boost exports by 5.9 percent, GDP by 1.4 percent, and per capita income by W300,000 (US$300).
