By Na Jeong-ju
The main opposition Democratic Party (DP) proposed the creation of a special National Assembly committee to review the country’s free trade agreement (FTA) with the European Union, Thursday, saying the government failed to consult with lawmakers before signing the pact.
“There has been no public debate on the deal,” DP floor leader Rep. Park Jie-won said during a party meeting.
“The Assembly needs to form a committee as soon as possible to examine the impact the FTA will have on local industries, as it did when the Korea-U.S. FTA was signed in 2007.”
The proposal came one day after top trade negotiators from Korea and the EU signed the historic deal in Brussels with President Lee Myung-bak, EU President Herman Van Rompuy and European Commission President Jose Manuel Barroso in attendance.
Analysts say the deal, if implemented, will largely benefit electronics and automobile manufacturers here, but could deal a blow to dairy and agricultural industries.
Under the agreement, the EU will scrap 99 percent of tariffs within three years, while Korea will remove tariffs for 96 percent of industrial goods from 27 EU member nations.
Following the signing ceremony, Cheong Wa Dae said the deal will take effect on July 1 next year if it is ratified by the legislatures of both sides as scheduled. However, some experts warned that opposition parties here could dispute the agreement.
“The Korea-EU FTA came as a shock to the country’s dairy and agricultural firms. They were very disappointed,” Rep. Park said.
“The government needs to hold discussions with the Assembly to map out appropriate measures to protect them.”