Can FTA With US Be Ratified Within One Year?
By Kim Se-jeong
Staff Reporter
How much longer will it take for the South Korea-U.S. Free Trade Agreement (KORUS FTA) to be ratified by the U.S. Congress? There's no definite answer.
Yet, two important factors seem to be pushing toward a speedy ratification: the planned visit of U.S. President Barack Obama to Korea and Korea's hosting of the G20 summit next November.
Obama, who is scheduled to swing by Korea in mid-November en route to Singapore where the Asia-Pacific Economic Cooperation (APEC) forum will take place, will likely discuss the issue of the free trade deal.
During the presidential campaign, he reportedly opposed the trade deal that would come at the expense of the American automobile industry. Yet, recent statements have shown that he has been moving in the other direction.
The FTA was signed in 2007, bu has been put on hold for almost two years due to Seoul and Washington failing to ratify it.
The CSIS, a U.S.-based think tank said that the G-20 in Korea is a now-or-never opportunity to set a new momentum in Korea-U.S. relations, and the FTA ratification is a prerequisite to that.
Victor Cha, a former member of the National Security Council (NSC) during the George W. Bush administration, said failure to ratify the deal in advance could pose a significantly negative impact to the success of the G-20 summit in Korea.
Cha also added it's not the U.S. Congress but the White House, which has to show beefed-up support for ratification.
For Obama, the FTA with Korea could mean a significant political loss, as the domestic automobile industry still opposes the deal.
At the same time, however, Obama is under pressure to set an example as a forefront advocate for free trade as opposed to protectionism.
It is unlikely that Obama will make any serious gesture soon that would motivate lawmakers in Washington to bring the issue to the floor to be ratified after his return.
Amy Jackson, the newly appointed president of the American Chamber of Commerce in Korea, said last month that the chance for the KORUS FTA to be buried is "zero," asking Korea to be patient. The Korean National Assembly has also yet to ratify the FTA.