Thomas Donohue, president of the United States Chamber of Commerce(USCC) in Washington |
By Jane Han
Staff Reporter
A U.S. business leader downplayed the possibility of a renegotiation of the Korea-U.S. free trade agreement (KORUS FTA) Tuesday, but underscored the need of ``small discussions and adjustments'' on provisions of the pact relating to the automobile trade.
``We're not going to formally renegotiate the KORUS FTA. We've done it and we're finished,'' Thomas Donohue, president of the American Chamber of Commerce (AMCHAM) in Washington, told reporters after a luncheon with American business executives in Korea.
The bilateral trade agreement was signed in June 2007, but both the U.S. Congress and South Korea's National Assembly have failed to ratify the accord, which is the largest for the United States since the North American Free Trade Agreement with Canada and Mexico and the biggest ever for South Korea.
Donohue, who heads one of the biggest and best-funded lobbying groups in Capitol Hill, said, refinement on the auto issue will be necessary ``at some point,'' but remained positive that the matter could be easily resolved.
``The issues are surrounding matters of standards and regulatory guidelines,'' he said, fending off concerns that a possible renegotiation of the automobiles provision could endanger the entire pact.
Auto trade has been one of the most contentious issues of the agreement. South Korea sold more than 700,000 vehicles in the U.S. in 2007, 100 times the number of American cars it imported, according to industry data.
Under the FTA, the two sides agreed to cut and phase out tariffs on autos, while South Korea committed to changing its tax system for larger vehicles, which the U.S. claimed was discriminatory.
Donohue said if the KORUS FTA doesn't get ratified in Congress, the U.S. would lose ``a lot of credibility.''
His remarks come at a time when various media reported, citing comments written to the U.S, senate, earlier in the week that U.S. Secretary of State-designate Hillary Clinton is opposed to the lucrative trade pact.
``I want to advise you not to hold your breath on comments made by every public official,'' said the head of the U.S. Chamber of Commerce. ``This agreement is done.''
However, he added again that ``minor adjustments'' could happen as it does with ``all agreements around the world.''
Aside from the trade issue, Donohue also urged Asia's fourth-largest economy to maintain its ``positive reform momentum,'' as it affirmed to investors that Korean rules and regulations were being developed in a transparent manner.
He said the government should ensure that foreign investors are on a level playing field with domestic firms, and align Korean standards and regulatory systems to internationally recognized models.
jhan@koreatimes.co.kr
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