Finance Minister Kang Man-soo |
By Lee Hyo-sik
Staff Reporter
The country's top economic policymaker said Thursday that it will cost South Korea about 15 trillion won if the ratification of the Korea-U.S. free trade agreement (FTA) is delayed by one year, calling on lawmakers to pass the accord during the ongoing parliamentary session.
In a meeting with members of the FTA domestic countermeasure committee, Strategy and Finance Minister Kang Man-soo also said it is unfortunate that the free trade accord is being overshadowed by the ongoing controversy surrounding the resumption of U.S. beef imports.
``According to the Korea Chamber of Commerce and Industry, the one-year delay of the Korea-U.S. FTA ratification will cause a 15 trillion won loss here. It is inevitable for the National Assembly to approve the pact as soon as possible,'' Kang stressed.
He also said to ease public concerns, the government needs to step up its public relations campaign to better inform people of U.S. beef based on scientific evidence, not groundless rumors.
His remarks come at a time when the governing and opposition parties are clashing over the government's decision to resume the import of American beef, putting aside the Korea-U.S. FTA, in the current extraordinary parliamentary session.
The governing Grand National Party has argued that the decision has nothing to do with the FTA ratification, urging opposition parties to first pass the trade pact.
However, the main opposition United Democratic Party and other opposition parties are calling on the government to renegotiate the deal with the United States, stressing they will not discuss the ratification unless the beef safety issue is resolved.
During President Lee Myung-bak's visit to the United States last month, the government decided to reopen the domestic market to U.S. beef, including cows aged 30 months or older, which have more chances of being infected with mad cow disease.
The United States had insisted that one of the preconditions for the ratification was the Asian nation's reopening of its beef market to the American products.
But after a local TV station aired a program on the safety of U.S. beef, the public have turned against the beef import, holding a series of candlelit vigils nationwide in protest.
Riding on the public anxiety over the safety of U.S. beef, opposition parties have refused to handle the Korea-U.S. FTA and instead, demanded the government renegotiate the beef import deal to ensure the safety of imported U.S. beef in the country.
Against this backdrop, Minister Kang expressed regret over the current political impasse at the Assembly over the FTA issue.
``It is important for us to ratify the trade pact with the U.S. as soon as possible to maximize our national interests, regardless of the U.S. actions. If we do, it will put additional pressure on U.S. Democrat-controlled Congress to approve the trade agreement,'' he said.
Kang then said the Korea-U.S. FTA is the greatest achievement for the previous Roh Moo-hyun administration, saying the free trade pact will help the nation cope with worsening economic conditions at home and abroad, such as surging oil prices and a global economic slowdown.
``South Korea has increasingly been sandwiched between Japan and China. But the FTA will help us overcome such an unfavorable condition and increase our economic and political profile in Northeast Asia. Also, the pact will help local exporters increase market shares in the world's largest economy,'' he stressed.
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