Free trade with EU

What’s needed is not hurry but scrutiny

The European Parliament ratified the Korea-EU free trade agreement (FTA) by an overwhelming majority Thursday, putting the ball in Seoul’s court.

Legislators belonging to the ruling Grand National Party called for their opposition counterparts to hurry up, saying the National Assembly is pressed for time to have the FTA take effect from July 1, as agreed by the two governments. As this page has numerously repeated, the biggest problem with Korea’s governing party lawmakers is they so easily identify themselves with the government, forgetting they are members of parliament who have to check the administration.

If their logic holds true that legislative branches should automatically endorse international accords signed by executive branches, what has made the U.S. Congress drag its feet in approving the Korea-U.S. FTA for years?

What matters should be the close scrutiny of benefits and losses and willingness to revise the accord if equilibrium of interests is broken, as the U.S. lawmakers have done on the so-called KORUS FTA. So it is right for the opposition Democratic Party to take time to examine the whole agreement with the participation of experts, including critical ones.

One of the most controversial provisions in this regard will likely be the reinforced ``safeguard” measure to protect EU manufacturers, particularly carmakers, in the event of a surge in imports from Korea.

Most Koreans do not know about the process of the last-minute inclusion of the protectionist provision. Nor have they heard about any corresponding measure to protect Korean industries from expected trade imbalance, especially in the farming and services sectors, which will likely be hit hardest from free trade with the world’s biggest economic bloc. One can hardly imagine how the influx of competitive European dairy products would deal a fatal blow to the domestic livestock industry already reeling from foot-and-mouth disease.

GNP lawmakers should think twice about hurried passage. If the KORUS FTA is any guide, the accord with EU can wait at least half a year if that could prevent the near demolition of most vulnerable of domestic industries.