Assembly panel passes KORUS FTA

A parliamentary committee yesterday passed a motion to ratify the Korea-U.S. free trade agreement amid vehement objections from opposition lawmakers.

The motion, endorsed by the Foreign Affairs, Trade and Unification Committee, is expected to be presented at the Assembly`s plenary session for a final vote in June after a summit between leaders of the two countries.

If the motion is put to a vote, its passage is highly likely given the number of seats the ruling Grand National Party holds. The GNP controls 170 seats in the 299-member legislature.

The trade pact, which was signed in June 2007, was unilaterally tabled for review at the committee in December by GNP lawmakers, creating violent clashes with opposition party members.

Lawmakers mostly from the Democratic Party and the Democratic Labor Party have argued that the ratification of the motion should come only after sufficient measures are drafted to safeguard those who could face disadvantages due to cheaper U.S. imports.

The GNP has contended that the prompt ratification of the trade pact is crucial for the country`s export-reliant economy at a time of economic slowdown.

Ratification here earlier than of the U.S. Congress could help fend off a possible demand for renegotiation from Washington, the GNP argued.

During his presidential campaign, Barack Obama called the Korea-U.S. FTA "badly flawed," demanding measures to address an imbalance in auto trade.

But at a recent meeting earlier this month before the G20 summit in London, both presidents agreed to move forward the long-delayed ratification of the trade accord.

Earlier yesterday, 44 opposition lawmakers held a press conference in front of the trade committee chamber, claiming that the motion must not be "hastily" passed through the committee.

"The discussion on the trade accord must proceed only after reevaluation of the possible damage to be brought to domestic industries, including agricultural and medical industries, is done, and countermeasures are drawn up," they argued.

By Song Sang-ho



(sshluck@heraldm.com)