S Korea’s Roh says FTA with US top priority
AFX 2006-02-26
SKorea’s Roh says FTA with US top priority
SEOUL (AFX) - President Roh Moo-Hyun said that reaching a free trade agreement (FTA) with the United States will be the top priority for his government during his remaining tenure.
Roh, who stands down in 2008, called the free trade negotiations — along with his campaign to ease economic inequalities — the major tasks he should tackle.
"It will be a turning point. I hope the challenge will be successful," Roh told reporters in reference to the proposed FTA with the United States.
"I think it will be the biggest issue during the rest of my tenure."
His comments, made during a mountain hike in Seoul to mark his third anniversary in office, follow an announcement earlier this month by Seoul and Washington that they will launch talks aimed at reaching a FTA.
Formal talks will start in May, and South Korea and US officials hope to end their negotiations by March next year.
If agreed, the pact would be the largest US free trade accord in Asia.
South Korea is the third-largest economy in the region behind China and Japan, with whom the United States has no such deal.
"We have to choose between protectionism and openness," Roh said.
"We must succeed through competition in an open environment. We have no other choice but to challenge the service industry of developed countries."
South Korea cleared the way for talks last month by halving its protectionist quota for homegrown movies, a precondition set by the United States. It also agreed to reopen its market to US beef, banned due to a mad cow scare.
South Korea is the seventh-largest US trade partner with bilateral trade topping 65 bln usd in the first 11 months in 2005, according to Seoul’s trade ministry.
