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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Secondary Navigation Singapore Asia Pacific World Search Search: SKorea rules out renegotiating trade pact with US AFP - Thursday, November 6 SEOUL (AFP) - - South Korea's trade minister on Thursday ruled out any renegotiation of a free trade agreement with the United States amid nervousness about its prospects under a Barack Obama presidency. "There will be no renegotiation, and our stance will be maintained," Kim Jong-Hoon said of the pact signed in April 2007 but awaiting ratification by legislatures of both countries. Obama has called the deal "badly flawed" and said it does too little to narrow a huge imbalance in the auto trade in Seoul's favour. South Korea shipped about 700,000 cars to the US last year while importing 5,000 American cars. "The problems facing the US auto industry are not new ones," Kim said, adding that US carmakers should step up efforts to boost competitiveness. Newspapers hailed Obama's victory as historic but some cited his views on the trade pact as a potential challenge. Dong-A Ilbo newspaper noted the Democrats' traditional protectionist instincts in trade. South Korean President Lee Myung-Bak and US President George W. Bush agreed during an April summit to push for approval of the FTA by their respective legislatures by the end of this year. This now seems unlikely, but Seoul says it expects the deal will survive. "It is easy to expect a further delay in the ratification of the FTA by the US legislature after Obama's win," trade minister Kim told parliament in October. "But I see this as a matter of when, not whether." For the US, the deal with South Korea would be its biggest since the North American Free Trade Agreement in 1994. Some estimates say it could boost two-way trade, worth 78.4 billion dollars last year, by up to 20 billion dollars in coming years. Ralph Cossa, president of the Pacific Forum CSIS, urged the two countries to find common ground to rescue the pact, saying in a commentary it would benefit both economies in troubled times. "Its failure will put significant strains on the overall (Korea)-US relationship," Cossa wrote. "Koreans are already agonising this morning over the prospects of the US reneging on the deal." 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: Business FACTBOX-China's recent measures to spur growthReuters - 2 hours 19 minutes ago Review: Digital frame shows pictures from phonesAP - 2 hours 24 minutes ago Australia shares fall 4.3 pct, but Foster's gainsReuters - 1 hour 56 minutes ago Japan Topix down more than 6 percent, exporters fallReuters - 2 hours 31 minutes ago HK shares drop 6.4 pct; commodities tumbleReuters - 2 hours 31 minutes ago Enlarge Photo SKorea rules out renegotiating trade pact with US Related Photos Slideshow Full Photo Coverage: Business & Economy Most Popular – Business Viewed Obama wins US election, to become first black president US elects Obama as its first black president Stocks, dollar rise as Obama takes White House Obama's grandmother, family 'rock', dies on election eve World hails Obama's victory, urges change of tack View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology

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