ed Ratification of FTA

Further delay will do more harm than good

Now the ball is in the court of South Korea as U.S. Congress approved the free trade agreement (FTA) with the Asian country Wednesday. We hope the National Assembly will soon follow suit to see the trade deal take effect as early as next January. Both ruling and opposition parties should realize that a further delay in the ratification of the Korea-U.S. FTA will only deprive both countries of opportunities for a better partnership.

President Barack Obama deserves praise for his political leadership in winning congressional approval for FTAs not only with Korea but also with Colombia and Panama. The passage showcased a rare bipartisan achievement. It is good to see both Republicans and Democrats work together to overcome their differences and give the go-ahead to the trade deals to strengthen partnerships with the three countries.

The time has come for South Korean lawmakers to learn from the U.S. bipartisanship. The majority Grand National Party (GNP) is seeking to pass the Korea-U.S. FTA ratification bill through the Assembly by the end of this month. However, the absence of support from the liberal Democratic Party (DP) and other opposition parties dims the prospect.

DP Chairman Rep. Sohn Hak-kyu has repeatedly threatened to block the approval of the FTA in the Assembly, calling for renegotiations with the United States. He has expressed concerns about the deal that could deepen social polarization between the rich and poor as well as between big companies and smaller enterprises. Members of the minor Democratic Labor Party have described the FTA with the United States as an unequal treaty that will only benefit America.

But we have to ask if renegotiations are possible. In a realistic point of view, the chances seem to be remote. The Korea-U.S. FTA has already taken twists and turns since the deal was signed in June 2007. At the request of Washington, the two countries held renegotiations last year. The United States won concessions from Korea to open up its markets wider to U.S. automobiles, while the Asian economy barely managed to protect its interests in areas such as livestock and pharmaceuticals.

Opposition should recognize that the FTA with the United States can be a win-win deal for both Koreans and Americans. The FTA is predicted to boost Korea’s gross domestic product (GDP) by 5.6 percent and create 350,000 jobs over 10 years after it goes into effect. The United States will also be able to expand exports and create jobs with the help of the trade pact.

More important is that Seoul and Washington can transform their traditional defense and security alliance into a closer economic partnership for co-prosperity and a better future. It’s time for the rival political parties to go beyond partisanship and work together to ratify the Korea-U.S. FTA, which will expand the nation’s trade map.