KORUS FTA Unlikely Win US Ratification This Year
By Kim Yoo-chul
Staff Reporter
It is unlikely that the U.S. Congress will ratify the bilateral trade pact between South Korea, commonly referred to as the KORUS FTA, this year, The New York Times reported on Monday (KST)
The Times announced that leaders of the Democratic Party were pushing for new trade measures after an agreement was reached between Seoul and Washington two months ago, threatening the ratification of the pact.
It added that the Democratic Party wishes to strengthen labor and environmental measures in countries as far reaching as Peru, Panama and Columbia, hoping to change local sovereign laws.
On June 30, both nations concluded renegotiations to the deal that would eliminate, or phase out 95 percent of tariffs on commodities within three years after coming into effect.
Several U.S. politicians expressing resentment over the pact are hoping that legislative parties will not ratify the deal this autumn in order to protect such sectors as the automobile and beef industry.
The South Korean government also doubted that measures could not be dealt with effectively in U.S Congressional hearings until the beef issue cleared.
``I think the agreement cannot be ratified smoothly in the U.S. Congress, unless the beef issue is clearly solved first,’’ South Korea’s Deputy Trade Minister Lee Hye-min said in a recent radio interview.
Korea has only permitted imports of boneless U.S. beef from cattle under 30 months old in accordance with a ban following the discovery of mad cow disease in late 2003.
But President George W. Bush hinted that ratification was attainable this year during talks with President Roh Moo-hyun over the phone on July 1.