US, S Korea sign landmark free-trade pact
Monday, 2 July 2007
WASHINGTON, July 1 (AFP): The United States and South Korea signed yesterday a landmark free-trade agreement, the biggest such deal for Washington in nearly 15 years, but the US Congress has indicated it may not approve the pact.
US Trade Representative Susan Schwab and her South Korean counterpart Kim Hyun-chong inked the deal on Capitol Hill, where mostly Democratic lawmakers have vowed to vote against it unless it is amended to address South Korea's non-tariff barriers, especially in the automotive industry.
But Schwab made it clear Saturday that the signed FTA "will stand on its own, without amendment," saying the Democratic-controlled Congress "will come to understand the details and learn just how compelling a deal it is."
"We must not fall back," Kim said, calling it a comprehensive agreement with "enormous benefits" for both sides.
The agreement was signed just hours before President George W Bush's "fast track" trade authority expires at midnight Saturday.
"Fast track" gives the president authority to broker trade agreements, which Congress may approve or reject, but may not amend.
Bush in a statement called on Congress to ratify the agreement anyway, saying it would bring "considerable benefit" to Americans and boost the US-South Korea partnership, which he said had served as a force for stability and prosperity in Asia.
US Trade Representative Susan Schwab and her South Korean counterpart Kim Hyun-chong inked the deal on Capitol Hill, where mostly Democratic lawmakers have vowed to vote against it unless it is amended to address South Korea's non-tariff barriers, especially in the automotive industry.
But Schwab made it clear Saturday that the signed FTA "will stand on its own, without amendment," saying the Democratic-controlled Congress "will come to understand the details and learn just how compelling a deal it is."
"We must not fall back," Kim said, calling it a comprehensive agreement with "enormous benefits" for both sides.
The agreement was signed just hours before President George W Bush's "fast track" trade authority expires at midnight Saturday.
"Fast track" gives the president authority to broker trade agreements, which Congress may approve or reject, but may not amend.
Bush in a statement called on Congress to ratify the agreement anyway, saying it would bring "considerable benefit" to Americans and boost the US-South Korea partnership, which he said had served as a force for stability and prosperity in Asia.