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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: SKorea urges US to ratify trade pact AFP - Wednesday, March 11 SEOUL (AFP) - - South Korea urged the United States Tuesday to ratify their existing free-trade agreement as soon as possible, despite calls for renegotiation from the new US trade envoy-designate. ADVERTISEMENT A South Korean spokeswoman said ratification of the deal "as it is" would help both countries during the current global slump. "We will actively explain to the US side that the current Korea-US FTA equally works to the benefit of both countries and that it will be beneficial to both under the current economic difficulties to put the FTA into effect at the earliest date possible," presidential spokeswoman Kim Eun-Hye said. Trade envoy-designate Ron Kirk told his Senate confirmation hearing on Monday that the status quo with South Korea "simply isn't acceptable." "The president has said and I agree -- the agreement as it is just simply isn't fair, and if we don't get that right we'll be prepared to step away from that," Kirk said. South Korea has ruled out renegotiating the pact, which was signed in 2007 and cleared a parliament subcommittee last month. The main opposition Democratic Party said parliament should not endorse the deal as long as the new US trade envoy wants to renegotiate it. But Hong Joon-Pyo, parliamentary leader of the Grand National Party (GNP), said his party would seek approval from another committee this month. The free trade deal would then be submitted to a full session of the National Assembly for ratification. "We must go our own way regardless of the movement in the US Congress," Hong told reporters. The GNP believes the pact is necessary to stimulate the economy and argues that approval by Seoul will encourage the US Congress to pass it. The trade deal would be the largest for the United States since it signed the North American Free Trade Agreement (NAFTA) with Canada and Mexico in 1994. Ahead of his election in November, US President Barack Obama called it "badly flawed." He said it did too little to narrow a huge trade imbalance in South Korea's favour in the auto trade. South Korea shipped about 700,000 cars to the United States in 2007 while importing 5,000 American cars, according to official figures. Some analysts in Seoul say the figures are misleading, since they exclude more than 125,000 vehicles made by a General Motors subsidiary in Korea while including vehicles made by a Hyundai plant in Alabama. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Free Trade SKorea urges US to ratify trade pactAFP - Wednesday, March 11 Obama administration rejects FTA pact with SKoreaAFP - Tuesday, March 10 Chile-Australia free trade agreement kicks inAFP - Saturday, March 7 EU says SKorea trade talks at 'crucial' pointAFP - Saturday, March 7 Related Articles: Business American Airlines to cut US capacity 9 percentAP - Wednesday, March 11 McAfee chief gets $16M pay packageAP - Wednesday, March 11 Maytag voluntarily recalls 1.6M refrigeratorsAP - Wednesday, March 11 Madoff faces life in prison on 11 criminal chargesReuters - Wednesday, March 11 Sepracor reaches Xopenex deal with TevaReuters - Wednesday, March 11 Enlarge Photo SKorea urges US to ratify trade pact Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage Free Trade Free Trade All Full Coverage Most Popular – Business Viewed Chimp used planning skills to attack humans World faces 'Great Recession': IMF chief Madoff set to plead guilty, could face 150 yrs in jail Global economy near pick-up: G10 bankers Citi outlook sparks explosive Wall Street rally View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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