Korea completes draft for FTA with US
Chosun Ilbo, Korea
Korea Completes Draft for FTA With U.S.
15 May 2006
Reducing or scrapping the 40 percent tariff on beef imports will be on the agenda at FTA negotiations with the U.S. scheduled to start on June 5, the Ministry of Foreign Affairs and Trade said Monday, under first drafts Korea and the U.S. have completed.
The government will also ask the U.S. to allow a certain number of specialists like lawyers and engineers from Korea to work there. The U.S. offers up about 65,000 temporary employment visas (H1) to the world, and there is a precedent for guaranteeing a certain number for countries with which it has an FTA.
"In its FTA with the U.S., Singapore was able to secure spots for 5,400 visas per year," a ministry official said, adding this would be one of Korea’s main interests.
The ministry also confirmed that it will seek an exemption for products made at the joint Korean Kaesong Industrial Complex in the North to be treated as made in South Korea. It has an uphill struggle ahead since the U.S. has already said North Korea is emphatically not part of any FTA deal.
Korea will also propose continued protection of certain agricultural industries, including safeguards that would allow Korea to temporarily stop imports if domestic farmers see sudden major losses.
"Reflecting the ideas of each department, a first draft was written up with 22 areas for negotiations," the ministry said. The two countries will exchange their rough drafts around May 19.
