By Jane Han
Staff Reporter
While Capitol Hill lawmakers debated over the flaws of the Korea-U.S. trade pact at Wednesday's hearing, business leaders from the two countries met on the other side of town, demanding an early ratification of the signed deal.
Cho Suck-rai, chairman of the Federation of Korean Industries (FKI) and joint-chairman of the Korea-U.S. Business Council, and American joint-chairman of the council William Rhodes stressed the bilateral benefits the deal would bring to the two economies at the 20th Annual Plenary Meeting of the U.S.-Korea/Korea-U.S. Business Councils held Wednesday in Washington, D.C.
The two leaders also emphasized that the free trade agreement (FTA) would play an important role balancing and stabilizing the Northeast Asia region while strengthening the diplomatic ties between Seoul and Washington.
``The trade deal is a historic event that provided a momentum for both sides to sharpen economic competitiveness and power sustained growth,'' said Cho.
Rhodes agreed by adding that the FTA would allow sound U.S. presence in Northeast Asia's most vibrant economy and Korea would also serve as a gateway to the entire region.
The two sides reached the landmark deal in early April after tightly negotiating for 10 months, but the pact still requires approval from legislatures of both countries.
Although the deal is widely expected to be signed by June 30, skepticism has been rising with talks over a possible renegotiation.
Some U.S. Democrats and Republican lawmakers have raised problems over the potential loss of U.S. jobs, possibility of Gaeseong goods entering the U.S. and restrictions in the automotive and agriculture industries.
To brush off concerns, Cho met with top House Democrat Charles Rangel and other congressional members on the sidelines to highlight the importance of the accord, trying to persuade other Democrats in the House Ways and Means Committee.
The Visa Waiver Program (VWP) was also mentioned as an agenda that should be discussed by the two governments to promote easier mutual exchange.
The two-day meeting, held jointly by the U.S Chamber of Commerce and the FKI June 13-14, was attended by key business figures, including Vice Chairman & CEO of LG International Corp. Koo Bon-joon, Vice Chairman of SK Telecom Cho Jung-nam, Vice Chairman of Samsung Electronics Lee Yoon-woo, Assistant Secretary of State for East Asian and Pacific Affairs Christopher Hill, President of Boeing William Oberlin and President & CEO of the American Chamber of Commerce Korea Tami Overby.