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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 to ratify EU free trade deal soon: Speaker AFP - Wednesday, August 26 SEOUL (AFP) - - South Korea's parliament will swiftly ratify a free trade agreement (FTA) with the European Union, its Speaker Kim Hyong-O said Wednesday. ADVERTISEMENT "I want the South Korea-EU FTA to be ratified at the earliest possible date," he told journalists. "When the government calls for the ratification of the deal, the National Assembly will pass it much faster and with much less controversy than it has in the case of the FTA with the United States," he said. Swedish Prime Minister Fredrik Reinfeldt, whose country holds the EU's rotating presidency until December 31, said in July the European side could finalise the pact before the end of the year. EU member states have given broad backing to the agreement but are still to fully endorse it, diplomats in Brussels said last month. The two sides in March reached a deal on most points but follow-up talks failed to settle two outstanding issues -- duty drawback and rules of origin. South Korea wants permission to refund import tariffs to manufacturers that use imported materials to make products for export. Brussels says this would give them an unfair advantage. On rules of origin, South Korea wants items made at a Seoul-funded industrial complex in North Korea to be treated as South Korean goods. Also, since South Korean manufacturers import many parts from China and elsewhere, the two sides are trying to agree what percentage of a finished item must be locally made. The US and South Korea signed a trade pact in June 2007 but the legislatures of both countries must ratify it. Opposition lawmakers in April scuffled with ruling party members in a vain attempt to stop a parliamentary committee approving the bill. They say it is premature to act until the US side appears better disposed towards it. The full legislature must now ratify it. "Once the US sends us a positive sign on the FTA, we will be able to ratify the FTA without delay," Kim said. President Barack Obama said in June he was "committed" to moving ahead with the deal but declined to set a timeframe. While running for the presidency last year he was critical of the pact, saying South Korea should give greater access to US cars. Email Story IM Story Printable View Blog This Sign in to recommend this article » 0 users recommend Related Articles: Free Trade SKorea to ratify EU free trade deal soon: SpeakerAFP - Wednesday, August 26 Mexico's president favor trade deal with BrazilAP - Sunday, August 16 Summary: WTO rules on China, but piracy persistsAP - Saturday, August 15 India, Southeast Asian bloc sign free trade dealAP - Friday, August 14 Related Articles: Business China Life eyeing investments in AIA, Ag BankReuters - Thursday, August 27 Sinopec says ADDAX deal got Iraqi approval -paperReuters - Wednesday, August 26 GLOBAL MARKETS-World stocks dip; dollar strengthensReuters - Thursday, August 27 Indian rupee drops towards 49/dlr on import demandReuters - Thursday, August 27 RPT-India raises farm subsidy to boost winter cropsReuters - Wednesday, August 26 Enlarge Photo SKorea to ratify EU free trade deal soon: Speaker Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage Free Trade Free Trade All Full Coverage Most Popular – Business Viewed Profile of swine flu begins to emerge: study Jackson killed by drugs cocktail: court NASA calls off Discovery launch High bidder 'can't pay' for crypt atop Monroe Oil hits $75 for first time in 10 months 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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