Korea Hints at FTA Renegotiation
By Jane Han
Staff Reporter
A senior South Korean negotiator said Friday that a potential U.S. proposal to renegotiate the KORUS free trade agreement (FTA) will be ``thoroughly reviewed'' to measure up possibilities for bilateral benefits.
Talks hinting at the renegotiation of the U.S.-Korea pact signed after 10 months of push and pull stem from last week when the White House and Democrat-controlled Congress forged a new trade policy to hike social and environmental rights in free trade deals.
``The government's basic position is that any renegotiation is unacceptable. But if the demands from the U.S. fit the interests of both sides, a thorough review will become necessary,'' Kim Jong-hoon, South Korea's chief negotiator in the free trade talks said in a Seoul forum.
However, he added that the U.S. has not made an official approach for renegotiations yet.
Kim's remark followed his comments earlier this week, warning that the ``FTA with the U.S. could collapse'' if Washington pushes a unilateral request.
At Friday's forum, the chief negotiator speculated that, with the revision, the U.S. might be looking to set more equal labor and environmental standards under the deal.
The new trade policy guideline, which requires FTAs to reflect higher standards in protecting worker's rights, will affect pending trade deals Washington is seeking to sign with Panama, Peru and Columbia.
``The legislative approval process must be sped up in order to maximize the country's head start in the U.S. market,'' said Kim.
The bilateral agreement was made in early April, and is awaiting legislative approval in Seoul and Washington.