S. Korea and US agree on text of deal
By Jeremy Laurence |
January 28, 2011, Friday
|
Print Edition
Print Edition
SOUTH Korea and the United States have finalized the text of a free trade deal, the trade ministry in Seoul said, clearing another hurdle for the ratification of the controversial agreement.
The ministry said in a statement the two countries plan to officially sign the document in the middle of next month, before sending it to their respective legislatures for final nod.
United States President Barack Obama on Tuesday called on Congress to pass the deal "as soon as possible," as Washington strives to enact the agreement before a rival trade pact between Seoul and the European Union comes into force on July 1.
Obama's specific call for Congress to pass the South Korean agreement followed a recent renegotiation to address concerns raised by the US auto industry.
It had complained the original version failed to cut barriers to South Korea's auto market, while phasing out remaining US tariffs on South Korean cars.
Under the revised terms, the two nations have also agreed to delay the removal of tariffs on American pork for two years.
The US International Trade Commission estimated in 2007 that the Korean agreement would boost US exports by about US$10 billion to US$11 billion annually, while raising imports from that country by about US$6.5 billion to US$7.0 billion.
Last year, the Obama administration renegotiated the auto provisions of the deal to win the support of the United Auto Workers labor union and Ford Motor Co, which previously had opposed the pact.
Those changes mean winning approval of the pact will no longer be as "horribly difficult" as it once was, but it will still face stiff opposition in Congress, US Trade Representative Ron Kirk said.
The ministry said in a statement the two countries plan to officially sign the document in the middle of next month, before sending it to their respective legislatures for final nod.
United States President Barack Obama on Tuesday called on Congress to pass the deal "as soon as possible," as Washington strives to enact the agreement before a rival trade pact between Seoul and the European Union comes into force on July 1.
Obama's specific call for Congress to pass the South Korean agreement followed a recent renegotiation to address concerns raised by the US auto industry.
It had complained the original version failed to cut barriers to South Korea's auto market, while phasing out remaining US tariffs on South Korean cars.
Under the revised terms, the two nations have also agreed to delay the removal of tariffs on American pork for two years.
The US International Trade Commission estimated in 2007 that the Korean agreement would boost US exports by about US$10 billion to US$11 billion annually, while raising imports from that country by about US$6.5 billion to US$7.0 billion.
Last year, the Obama administration renegotiated the auto provisions of the deal to win the support of the United Auto Workers labor union and Ford Motor Co, which previously had opposed the pact.
Those changes mean winning approval of the pact will no longer be as "horribly difficult" as it once was, but it will still face stiff opposition in Congress, US Trade Representative Ron Kirk said.
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