US, S. Korea talk free trade
By Kelly Olsen |
November 9, 2010, Tuesday
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Print Edition
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SOUTH Korea and the United States began talks yesterday aimed at addressing demands by Washington that Seoul increase market access for American vehicles and beef so a stalled free trade agreement they struck more than three years ago can be submitted to the US Congress.
South Korean Trade Minister Kim Jong-hoon and US Trade Representative Ron Kirk sat down at a table at South Korea's Ministry of Foreign Affairs and Trade, each accompanied by three other officials.
The talks, expected to last two days, come as US President Barack Obama and his South Korean counterpart Lee Myung-bak aim for a resolution ahead of a meeting on the sidelines of the Group of 20 summit in Seoul, which starts on Thursday.
The countries reached the agreement to slash tariffs and other barriers to trade in April 2007 after 10 months of tough negotiations. They signed the deal three months later, but it remains unratified by lawmakers in both capitals.
Obama said in June that he wanted the deal wrapped up so he can submit it to Congress for approval within a "few months" after his visit to Seoul. South Korea's National Assembly must also ratify the agreement for it to take effect.
South Korea signed a similar free trade deal with the European Union last month. Seoul and Brussels began negotiations after the South Korea-US deal was concluded, but it is possible it could come into force sooner. The US and South Korea want their deal to take effect in July of next year.
The US free trade agreement with South Korea is not the only one gathering dust in Washington. Deals with Panama and Colombia also remain unratified. All were signed during the administration of previous President George W. Bush.
Suspicions regarding free trade, an issue seldom popular even in good times, have deepened in the US as the jobless rate has hovered near 10 percent following the global financial crisis and recession.
Bilateral trade between South Korea and the US totaled US$66.7 billion in 2009, down from US$84.7 billion in the previous year.
South Korean Trade Minister Kim Jong-hoon and US Trade Representative Ron Kirk sat down at a table at South Korea's Ministry of Foreign Affairs and Trade, each accompanied by three other officials.
The talks, expected to last two days, come as US President Barack Obama and his South Korean counterpart Lee Myung-bak aim for a resolution ahead of a meeting on the sidelines of the Group of 20 summit in Seoul, which starts on Thursday.
The countries reached the agreement to slash tariffs and other barriers to trade in April 2007 after 10 months of tough negotiations. They signed the deal three months later, but it remains unratified by lawmakers in both capitals.
Obama said in June that he wanted the deal wrapped up so he can submit it to Congress for approval within a "few months" after his visit to Seoul. South Korea's National Assembly must also ratify the agreement for it to take effect.
South Korea signed a similar free trade deal with the European Union last month. Seoul and Brussels began negotiations after the South Korea-US deal was concluded, but it is possible it could come into force sooner. The US and South Korea want their deal to take effect in July of next year.
The US free trade agreement with South Korea is not the only one gathering dust in Washington. Deals with Panama and Colombia also remain unratified. All were signed during the administration of previous President George W. Bush.
Suspicions regarding free trade, an issue seldom popular even in good times, have deepened in the US as the jobless rate has hovered near 10 percent following the global financial crisis and recession.
Bilateral trade between South Korea and the US totaled US$66.7 billion in 2009, down from US$84.7 billion in the previous year.
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