Biz/Finance
 
    
  
+Login    +Register    +Find Id / Pw Home  l  Archives  l  Learning Times  |  Sitemap  |  Subscription  l  Media Kit  l  PDF
   Home > Newszone > Biz/Finance >
  Nation
  Biz/Finance
    Photo News  
    Meet The CEO  
    Korea: From Rags to Riches  
    Green Finance  
    Global Brand of Korea  
    Expat Banking  
    The Rise and Fall of Business Empires  
    Economic Essay Contest  
    Industry Report  
    Business Report  
    Financial Report  
    Premium Brands  
    Stock Market Watch  
  Technology
  Arts & Living
  Sports
  Opinion
  Community
  Special
     
  The Learning Times
     Editorial Listening
     Phone English
     Dear Abby
     Domestic News
     Foreign News
     Screen English
     Live English in Drama
     Discovery Education  >
     Ancient Idiom  
     iBT Writing  
     English Writing I
     English Writing II  
     English Grammar
     Grasping Vocab
     iBT Vocab
     Korean Language  
     
     Junior Writing
     Junior Reading
     Junior Reporter
     
 
   01-22-2009 11:06 여성 음성 듣기 남성 음성 듣기
S. Korean Trade Minister Reiterates No FTA Renegotiation

South Korea's top trade official said Thursday that the government would not respond to a possible demand from the United States to amend a bilateral free trade accord, according to Yonhap News.

"Even if the U.S. proposes renegotiations of the free trade deal, we don't need to respond to it," Trade Minister Kim Jong-hoon was quoted as saying on a local radio program.

U.S. President Barack Obama, who was sworn in Tuesday, has said he favors free trade that benefits the U.S. but strongly criticized the deal with South Korea, known as the KORUS FTA, saying it does not adequately address an imbalance in auto trade between the two allies.

Some politicians in the U.S. have recently underscored the need for South Korea to renegotiate provisions of the pact covering trade in autos and other manufactured goods.

In particular, many Democrats believe auto provisions strongly favor South Korea's automakers and demand renegotiation of the trade accord on that basis. 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 an industry tally.

Under the free trade deal the two sides agreed to phase out tariffs on autos, while Seoul agreed to change its tax system for larger vehicles, which the U.S. says is discriminatory.

"If the U.S. automakers want to increase their market share in South Korea, the KORUS FTA will be a good opportunity for them," Kim said. "All the things they have sought for years are included in the pact."

The accord is the largest for the U.S. since the North American Free Trade Agreement with Canada and Mexico and the biggest ever for South Korea. The bill, if ratified, will knock down tariff and non-tariff barriers between the two economies, which did $78.4 billion in two-way trade in 2007.

The agreement has yet to be put to a vote in either of the U.S. and South Korean legislatures.

Reader's Comments ▶ Other View
Notice From KT Website Manager
Bad language will not be tolerated. All comments considered discriminatory against race or sex, or which are considered offensive against certain people, will be eliminated by the manager. Violators will be deprived of their membership.
Please stay on topic.
▶ Managerial regulations
▶ Back ▲ Top