[Ip-health] South Korea submits U.S. free trade deal to National Assembly for approval

[heeseob nam]

Press briefing of White House on the same day says:

Let me move on now to Korea. Trade issues: both Presidents confirmed
their support for the approval and implementation of the Korea FTA.
President Bush pledged his support to work with Congress to get that
approved and President Roh underscored his desire to have the National
Assembly approve it, hopefully before he left office.

http://english.yonhapnews.co.kr/business/2007/09/07/19/0502000000AEN20070907006300320F.HTML

SEOUL, Sept. 7 (Yonhap) -- South Korea said Friday it has submitted a
free trade agreement with the United States to the nation's
legislative body for approval, in a move expected to again heat up
public debate over the deal.

   South Korea and the U.S. signed the deal in July, after reaching
the agreement in April following 10 months of often acrimonious
negotiations. The agreement would eliminate tariffs and other trade
barriers on a wide range of industrial goods and services, including
automobiles, agricultural products and services.

   The agreement still needs legislative approval from both nations.

   In a public announcement, Prime Minister Han Duck-soo called for
the National Assembly to pass the U.S. free trade deal "as soon as
possible to take advantage of national interests."
"The South Korea-U.S. FTA will be a touchstone for strengthening our
economic fundamentals and advancing our administrative
competitiveness," Han said in the statement.

   The South Korean government's proposal will be reviewed by the
legislature early next week, lawmakers said.

   Trade experts say the deal may not be passed by the South Korean
National Assembly by the end of this year, given the nation's volatile
election politics.

   South Korea plans to hold a presidential election on Dec. 19 and
President Roh Moo-hyun, an ardent supporter of the U.S. trade pact, is
constitutionally barred from seeking re-election.

   Earlier in the day, Finance Minister Kwon O-kyu asked former U.S.
Treasury Secretary Robert Rubin, who serves as director and chairman
of the executive committee of Citigroup Inc., to help the U.S.
Congress quickly approve the free trade deal with South Korea, the
ministry said in a statement. Rubin is on a visit to South Korea for
Citigroup's 40th anniversary in South Korea.

   Previously, South Korea's Trade Minister Kim Jong-hoon, who was the
nation's chief negotiator for free trade talks with the U.S., said he
expects the country's unicameral National Assembly to ratify the
hard-won free trade agreement with the U.S., as supporters outnumber
opponents.

  (END)

--
HeeSeob Nam
IPLeft (www.ipleft.or.kr)
hurips@gmail.com
Geitauerstr. 4/1 OG 81379
Munich Germany