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Staff Reporter
Trade Minister Kim Jong-hoon said Tuesday that it would be in the best interest for Washington to ratify a stalemated free trade accord with Seoul before an agreement between South Korea and the European Union takes effect next year.
``The package is a very good deal for both of us,'' said the trade chief, downplaying the possibility of reopening negotiations over the controversial auto provisions.
``In terms of tariffs and non-tariffs, we've done a lot,'' Kim told an audience of European business executives in Seoul, ``so I don't know what else we can do.''
The bilateral free trade agreement (FTA) was signed more than two years ago, but hasn't been ratified due to opposition over certain provisions of the high-profile deal. While the accord has been stuck in political limbo, Seoul completed a deal with Brussels this year.
The agreement is expected to take effect sometime next year, Kim said.
Citing a recent study that the U.S. could lose nearly 350,000 jobs if it doesn't enact the FTA before the EU deal, the minister said renegotiation is not an option for the Korean government.
President Lee Myung-bak suggested additional auto talks last week in a press conference with his counterpart Barack Obama. However, Kim fended off speculation of any renegotiation.
``The ratification should be completed earlier than later,'' said Kim.
The biggest lobbying group for American businesses on Monday also urged Washington to speed up the ratification, noting Seoul's trade deals with other nations would hurt the competitiveness of U.S. products.
Canada and the European Union will move forward with their trade agreements with South Korea, said John Murphy, vice president of the U.S. Chamber of Commerce.
``The result will be a powerful competitive disadvantage of American companies and workers,'' he said.
jhan@koreatimes.co.kr
