The Korea-U.S. Free Trade Agreement could receive approval from the U.S. Senate as early as next week, Deputy Minister of Trade for FTA Choi Seok-young said Thursday.

“The House Ways and Means Committee passed the bill for the Korea-U.S. FTA implementation, and at this rate, we expect the bill to be approved by the House within next week,” Choi said at a press briefing. He added that the projections are based on developments within U.S. congress, and that the time taken in ratifying the pact could be “quicker than any other past FTAs.”

“It is hoped that the bill would receive the Senate’s approval before 21st at the latest, and some are even projecting that approval from both the Senate and the House of Representatives could be possible as early as next week.”

However, while the process picks up speed in the U.S., progress here continues to lag by about a month, according to Choi.

“The ratification bill was submitted on June 3, but it is regrettable that the review has yet to start in earnest,” he said.

“Some claim that the balance was broken in the re-negotiations, and are calling for a so-called re-re-negotiation but it is illogical to demand such at a time when the ratification processes are in their final stages.”

He added that recent polls have shown that the majority of Koreans and local businesses including small- and medium-sized enterprises are in support of the FTA with the U.S., and that the ministry was hoping for the pact to take effect from Jan. 1.

Regarding other bilateral trade pact negotiations under way, Choi said that Korea is working with Australia to hold director-level talks regarding “a small number of outstanding issues,” and that the fifth round of talks on the Korea-Colombia FTA will take place next week.

By Choi He-suk  (cheesuk@heraldcorp.com)