DP calls for renegotiation of free trade pact with US
Korea Times
DP calls for renegotiation of free trade pact with US
By Lee Tae-hoon
31 May 2011
Leaders of the main opposition party Tuesday urged the government to renegotiate the free trade agreement (FTA) with the United States before seeking parliamentary approval.
They said Seoul must win more concessions from Washington over the long-delayed trade pact in order to minimize adverse impacts and protect vulnerable local sectors.
“We can never accept a free trade agreement in which Korea has more to lose than gain,” Rep. Sohn Hak-kyu, chairman of the Democratic Party (DP), said during a liberal party meeting in downtown Seoul.
“The DP promises to revise the KORUS FTA so that it better serves the interests of the people.”
The two countries signed the deal in 2007, but it has remained deadlocked due largely to U.S. demands for wider access to the Korean auto and beef markets. Korea wants stronger protective measures for local industries.
In December last year, the United States won concessions from Seoul on the delayed phase-out of auto tariffs in return for its concessions on pork and medicine.
During the session, DP floor leader Kim Jin-pyo also ruled out the possibility of parliamentary deliberation over the ratification of the trade deal in the near future.
“Our party stance is that the National Assembly should not deliberate on the KORUS FTA whose balance of interest is completely tilted in favor of one side,” Rep. Kim said.
“The government should launch a joint task force with the ruling and opposition parties and push for a revision of the bilateral trade agreement before submitting it to the Assembly.”
Kim stressed that he would hold a serious of discussions with government officials from next week to discuss any revision.
On May 4, the government withdrew the KORUS FTA motion from the Assembly after critical translation errors were found in the Korean version.
It plans to submit a new bill to the June extraordinary session after fixing the errors without seeking any new concessions from Washington as this could further delay the prolonged trade deal.
But with the DP having renewed its call for renegotiations, its fate remains murky.
Nevertheless, many government officials have made rosy predictions for the KORUS FTA.
They say once implemented, the free trade deal would increase the country’s gross domestic product (GDP) by 6 percent over the next decade. They predict that the bilateral deal could create as many as 34,000 jobs a year.
The ruling Grand National Party (GNP) rammed the FTA with the European Union through the Assembly on May 4, despite the DP’s protest and its boycott of the vote.
The GNP controls a majority with 172 seats in the 299 seat unicameral legislature. The DP has 87.
