S Korean trade minister reiterates no renegotiation on Korea-U.S. FTA
www.chinaview.cn 2010-01-15 16:17:35   Print

    SEOUL, Jan. 15 (Xinhua) -- South Korea's top trade official said Friday the South Korean government has no intention of renegotiating the free trade accord it reached with the United States despite continued pressure in the U.S. Congress on amendment.

    "We are standing firmly in that there should not be any renegotiation," South Korean Trade Minister Kim Jong-hoon said in a local radio interview.

    The ratification process for South Korea-U.S. (KORUS) FTA, signed in 2007, has been stalled due to harsh backlash in both countries, with South Korean opposition groups demanding modification in terms related to beef industry and those in the U.S. enraged over auto industry-related clauses.

    While South Korea has approached a final stage with the pact passed at the foreign affairs and trade committee of the National Assembly, the U.S. is still reluctant on the parliamentary passage of the FTA.

    Democrats in U.S. Congress have claimed that side agreements to address the outstanding issues are needed, without revising the text of the deal, echoing the strong opposition from trade officials and unions concerned about possible job cuts amid the worst recession in decades.

    At a summit held in Seoul in November between U.S. President Barack Obama and South Korean President Lee Myung-bak, Obama pinpointed several issues which still needed to be worked out before ratification.

    Meanwhile, when asked whether South Korea is willing to open its automobile market to get done with the deal, Lee said that he sought an opportunity to re-discuss the matter with the United States.

    With respect to Lee's remarks, South Korean media were heated as it could imply that South Korea may go through negotiation process with the United States again.

    Later, however, Seoul's presidential office denied such speculation, saying it did not mean renegotiation.

    Currently, South Korea has free trade agreements with Chile, Singapore and the European Free Trade Association, as well as a similar pact with the Association of Southeast Asian Nations.

    Recently reaching a free trade deal with the European Union, the country also wrapped up its free trade talks with India, settling the so-called comprehensive economic partnership agreement (CEPA) in August.

Editor: Xiong Tong
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