NATIONAL

Panel demands U.S. FTA renegotiation

By Korea Herald
  • Published : Dec 27, 2011 - 16:28
  • Updated : Dec 27, 2011 - 18:43
The National Assembly’s foreign affairs committee on Tuesday adopted a resolution demanding a renegotiation of the Korea-U.S. Free Trade Agreement, especially for the modification, reversing or abolition of the Investor-State Dispute settlement clause.

The panel also urged the government to conduct in-depth researches on the U.S. federal and state laws which may come in conflict with the trade deal and make due diplomatic efforts to solve the problem.

Though some of the ruling party lawmakers disapproved, the resolution was passed, based on an earlier inter-party agreement between floor leaders.

“The significance of the resolution should not be exaggerated as it was only one of the preconditions in order to open an extra provision session this month,” said Rep. Yoo Ki-june, committee negotiator of the ruling Grand National Party.

The liberal party has boycotted most of the parliamentary sessions since the GNP forcefully passed the trade deal and the floor leaders recently reached a compromise to resume their functions.

GNP lawmakers, including Rep. Gu Sang-chan, nevertheless expressed regrets that words such as “abolition” should be applied to a trade deal which has not even been effectuated yet.

The committee also adopted a separate resolution, urging the government to respond firmly to the illegal fishing activities of Chinese ships in Korean seas.

By Bae Hyun-jung (tellme@heraldcorp.com)