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Lee calls for quick approval of US-ROK free trade deal
Source: Xinhua |
December 4, 2010, Saturday
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South Korean President Lee Myung-bak today called for early ratification of a free trade agreement (FTA) between Seoul and Washington reached yesterday, noting it will "bring huge economic benefits for both", according to Seoul's presidential office Cheong Wa Dae.
The agreement equally reflects interests of both nations, and has formed a win-win foundation for the two sides, Lee said in a national address this morning.
As the FTA will "bring huge economic benefits for both", it will also become an opportunity to promote further development of the South Korea-US alliance, Lee said.
Lee said he hoped that the legislatures in both countries would quickly ratify the new FTA so that the pact can "finally bear fruits."
South Korea and the United States yesterday reached a deal on a pending FTA between the two nations after four days of negotiations held in Columbia in the US state of Maryland.
Seoul's chief trade negotiator, Trade Minister Kim Jong-hoon, said both sides "have produced a substantial outcome on the autos and other limited areas" during the talks, according to media report.
Autos and beef have been the major hurdles to the ratification of the US-South Korea FTA, signed in 2007 under the Bush administration.
South Korea has signed free trade agreements with three large economies in the world, namely the United States, the European Union and the Association of Southeast Asian Nations (ASEAN).
The agreement equally reflects interests of both nations, and has formed a win-win foundation for the two sides, Lee said in a national address this morning.
As the FTA will "bring huge economic benefits for both", it will also become an opportunity to promote further development of the South Korea-US alliance, Lee said.
Lee said he hoped that the legislatures in both countries would quickly ratify the new FTA so that the pact can "finally bear fruits."
South Korea and the United States yesterday reached a deal on a pending FTA between the two nations after four days of negotiations held in Columbia in the US state of Maryland.
Seoul's chief trade negotiator, Trade Minister Kim Jong-hoon, said both sides "have produced a substantial outcome on the autos and other limited areas" during the talks, according to media report.
Autos and beef have been the major hurdles to the ratification of the US-South Korea FTA, signed in 2007 under the Bush administration.
South Korea has signed free trade agreements with three large economies in the world, namely the United States, the European Union and the Association of Southeast Asian Nations (ASEAN).
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