By Chung Min-uck
Lawmakers from the main opposition party have submitted a non-binding resolution calling for a renegotiation of the free trade agreement with the United States.
In the measure, 10 lawmakers of the Democratic Party (DP) said the adjustments made last December didn’t represent mutual interests.
It was initiated by a unilateral request from the United States and didn’t address concerns in Korea, they alleged.
The 10 include two senior lawmakers, Kim Dong-cheol and Park Joo-sun. The trade pact was originally signed in 2007.
“We need to renegotiate because the modified trade agreement (last December) was in favor of the U.S. side,” said Rep. Choi In-kee, who also co-signed the motion.
“First, negotiators from the two sides need to sit down again for renegotiations. If that doesn’t happen, then as an alternative we need to draw up some protective measures for those who lose out.”
The resolution calls for products made in the Gaeseong Industrial Complex to be recognized as South Korean products and setting stricter limits to free-trade products in the service sector.
The opposition party came up with the resolution as the ruling Grand National Party is gearing up to pass the free trade motion during the National Assembly session in August.
At present, the free trade pact is awaiting parliamentary approval in both countries.
Korea’s trade with the U.S. reached over $90 billion last year with a trade surplus of $9.4 billion in favor of Korea, according to the Korea International Trade Association.
Industry experts said if it takes effect, the trade pact will increase Korea’s trade surplus against the U.S. by additional $463 million annually over the next 10 years.