Most Popular
-
6
Why Korean crime stories typically feature nameless, faceless perpetrators
-
7
Rare mid-May heavy snow warning issued over mountainous areas of Gangwon
-
8
Debate on 'no-seniors zones' heats up
-
9
CIO chief nominee to explain allegations at confirmation hearing
-
10
Yoon vows to run country 'rightly' on Buddha's birthday
Park urges parliament to ratify free trade deals with China, New Zealand
By KH디지털2Published : Nov. 25, 2014 - 12:02
South Korean President Park Geun-hye urged the National Assembly Tuesday to ratify the country's free trade agreements (FTA) with China and New Zealand, saying the new deals are expected to boost the nation's sluggish economy.
Park made the remark during her first Cabinet meeting since returning from a series of multilateral summits held in China, Myanmar and Australia earlier this month.
On the summits' sidelines, South Korea concluded two separate free trade deals with China and New Zealand.
"Our economic territory has now reached 73.3 percent of global GDP, while our FTA network has expanded beyond North America and Europe to East Asia and Oceania," Park said. "Other countries are rapidly joining the conclusion of FTAs, so the more our parliamentary ratification is delayed, the more our losses will snowball."
The FTA with China, in particular, is expected to reduce customs duties by more than 6 trillion won (US$5.39 billion) each year and help increase South Korean exports of consumer goods to China, she added.
Park also expressed hope that the deal would help attract foreign investors targeting the Chinese market to South Korea.
"I ask for the National Assembly's cooperation so that the FTAs may be used quickly to help vitalize our economy," she said.
Last week, the government launched a task force comprised of prosecutors, military officers and government officials to look into allegations of corruption in the defense industry.
The move came amid growing allegations of bribery and other underhand dealings between military officials and defense firms.
"This is something that can't be compromised," Park said. "(The
truth) must be revealed and it must be ensured that such incidents don't happen again."
One major scandal centers on allegations that officials at the state arms procurement agency fabricated a document for the sonar system of the 3,500-ton Navy salvage ship Tongyeong and paid far more than what it was worth.
"In order to revive our economy, it's more important than anything else that there is no corruption in political circles and among public servants," Park said.
The president has previously denounced corruption in the defense industry as "actions serving the interests of the enemy" and vowed to give "exemplary punishment" to eradicate it. (Yonhap)
Park made the remark during her first Cabinet meeting since returning from a series of multilateral summits held in China, Myanmar and Australia earlier this month.
On the summits' sidelines, South Korea concluded two separate free trade deals with China and New Zealand.
"Our economic territory has now reached 73.3 percent of global GDP, while our FTA network has expanded beyond North America and Europe to East Asia and Oceania," Park said. "Other countries are rapidly joining the conclusion of FTAs, so the more our parliamentary ratification is delayed, the more our losses will snowball."
The FTA with China, in particular, is expected to reduce customs duties by more than 6 trillion won (US$5.39 billion) each year and help increase South Korean exports of consumer goods to China, she added.
Park also expressed hope that the deal would help attract foreign investors targeting the Chinese market to South Korea.
"I ask for the National Assembly's cooperation so that the FTAs may be used quickly to help vitalize our economy," she said.
Last week, the government launched a task force comprised of prosecutors, military officers and government officials to look into allegations of corruption in the defense industry.
The move came amid growing allegations of bribery and other underhand dealings between military officials and defense firms.
"This is something that can't be compromised," Park said. "(The
truth) must be revealed and it must be ensured that such incidents don't happen again."
One major scandal centers on allegations that officials at the state arms procurement agency fabricated a document for the sonar system of the 3,500-ton Navy salvage ship Tongyeong and paid far more than what it was worth.
"In order to revive our economy, it's more important than anything else that there is no corruption in political circles and among public servants," Park said.
The president has previously denounced corruption in the defense industry as "actions serving the interests of the enemy" and vowed to give "exemplary punishment" to eradicate it. (Yonhap)
