Put the FTA back in the hands of the people
The Hankyoreh, Seoul
Editorial: Put the FTA back in the hands of the people
29 June 2007
Renegotiations on the FTA with the United States have effectively come to an end. Following approximately one more round of talks, the two countries will finalize and sign the document on June 30.
However, the country is still in the dark about the results of the renegotiations. You can be sure that there will not be ample time to review the document when the government releases the results of the renegotiations on Friday or Saturday. It would seem there is reason to worry. No consistent principles have been put forward and just how Korea is supposed to benefit remains unclear. The document could wreak havoc on our economy if things go wrong.
Government promises about the FTA have disappointed the country several times already. It said there would absolutely be no renegotiating, then said ‘‘additional negotiations were possible’’ then later, that ‘‘there could be revisions to the document,’’ essentially accepting the renegotiations. When it finally commenced with renegotiations it said it would first sign the existing draft and then have separate talks about what had not been adequately negotiated, but then it got pushed along by American demands, and is now leaning towards saying that the conclusion of all negotiations before the end of the month is inevitable.
The situation is similar when it comes to what the effects of the FTA will be and how to make up for them. Less than a month after the initial negotiations found compromise in April, the Korea Institute for International Economic Policy and 10 other government think-tanks released a questionable analysis, which said that the economic benefit would be an additional 6 percent growth over the next 10 years. It would be hard to speak more highly of what the government says it is going to do about the negative side effects. Other than increasing the ratio of how much loss can be compensated for in farming and agricultural productivity, government plans are not much different from its 119 trillion won (US$129 trillion) investment and financing plans that are part of its existing agricultural strategy. It looks like the government had to scurry to find something to say, because the rules say that it is supposed to announce the measures before it signs the FTA.
The negative effects are to be expected, once you have looked at the draft that was released earlier, but it is unclear what the positive effects are going to be. The situation is such that it is hard to expect that the original goal, namely improved productivity and an economic structure befitting a fully developed nation, will be fulfilled. The government’s claims about the benefits have clearly been exaggerated. Also, it remains unclear as to whether the rules of regular dispute resolution, something that is at issue in the area of labor and the environment - which is what the renegotiation was all about - are going to apply.
The process does not end just because each government signs the document. We should discard the agreement in the National Assembly ratification process if we at any time feel the FTA is not going to be to our advantage. Therefore, it is up to the people and the National Assembly to decide. The government’s eyes, however, are focused on nothing beyond concluding the deal and signing it. For all intents and purposes, it has no interest in the people. We hope it corrects itself if it is thinking that the document is going to be easily ratified once it is signed.
