U.S. Ratifies Korea-U.S. FTA

Korean and U.S. presidents agree on upgraded bilateral alliance

The U.S. Congress ratified the Korea-U.S. Free Trade Agreement (KORUS FTA) in an unusually speedy legislative process, but the ball is now in Korea's court where rough sailing is expected for the final effectuation of the deal. The ruling and opposition parties of the Korean National Assembly got together for a debate on Oct. 17 to narrow the differences for the ratification of the FTA, but failed to reach any consensus with the opposition side storming out of the debate after three hours.
Following the U.S. side's ratification of the FTA, Korean President Lee Myung-bak and U.S. President Barack Obama agreed on Oct. 13 to increase the scope of the Korea-U.S. alliance. At a summit in the White House in Washington, D.C., the two leaders agreed that the ratification of the Korea-U.S. FTA will advance the Korea-U.S. alliance by extending it past current military and security concerns and further into the economic sector.
"The ratification of the Korea-U.S. FTA has opened a new era of the bilateral alliance," President Lee said. "The ratification will upgrade Korea-U.S. ties by extending the range of the alliance."
In regard to the North Korean nuclear issue, the two leaders agreed to strengthen response readiness in order to more effectively respond to Pyongyang's increasing threats over the development of nuclear weapons and missiles.
Both leaders also urged Pyongyang to stop its ongoing uranium enrichment and nuclear weapons programs immediately, since they violate the Sept. 19 United Nations Resolution that the UN Security Council adopted in 2003.
They agreed to build a cooperative structure between the two countries to closely work together in order to achieve a fundamental, comprehensive resolution on the North Korean nuclear issue.
The two further agreed to actively respond to challenges that the international community is facing, such as terrorism, proliferation of weapons of mass destruction, climate change, the global economic crisis, and poverty.
On the same day, President Lee delivered an address at a joint session of the U.S. Congress where he received standing ovations many times.
In the speech, President Lee stressed the undividable dalliance between Korea and the United States.
"Today, the United States and Korea have one of the closest, most import economic relationships in the world. For both countries, it has brought untold benefits and opportunities. Our trade in goods, services and mutual investments has grown dramatically," Lee said. "In these and countless other ways, Korea will carry out its duties as a responsible member of the international community. As we face the many global challenges that lie ahead of us and we promote universal values, Korea will remain your partner and friend. In 2009, when President Obama and I signed the Joint Vision for the Future of the Alliance, we agreed to work closely in resolving regional and international issues, based on shared values and mutual trust."
The president highly praised the nearly 60-year-old alliance for contributing to the mutual development of the two countries. He urged further strengthening of the bilateral alliance, which will lead toward future growth by tackling challenges and international issues together.
He also expressed his gratitude for the support of the U.S. Congress, which ratified the Korea-U.S. FTA on the previous day.
In regard to North Korean nuclear issues, President Lee confirmed the consistent principles of the South Korean government, which urges Pyongyang to give up its nuclear ambitions in order to achieve the denuclearization of the Korean Peninsula.
Both chambers of the U.S. Congress on Oct. 12 okayed a free trade pact with South Korea. The Senate's 83-15 vote came on the eve of Korean President Lee's summit with Obama in Washington and a speech before a joint session of the Senate and the House. Lee arrived in Washington on Oct. 11 for a state visit. Hours earlier, the Republican-controlled House also approved the bills on free trade agreements (FTAs) with South Korea, Colombia and Panama.
Obama, attaching top priority to expand exports and create jobs, submitted the FTAs to Congress on Oct. 3.
The previous Roh Moo-hyun government began free trade talks with the United States in 2006 and struck a deal a year later.
The administrations of Lee and Obama had additional negotiations on the agreement, initially signed by their predecessors, in 2010 and reached a supplementary deal on the new terms of auto trade.
The U.S. FTA with South Korea is the largest trade deal since the U.S. agreed to the North American Free Trade Agreement (NAFTA) in the early 1990s.
Korean opposition parties take a joint stance against the ratification of the Korea-U.S. FTA, disputing the renegotiation of the initial version, struck by former president Roh.
The Korean side has a bumpy road ahead in its efforts to ratify the Korea-U.S. FTA as committees of the Korean National Assembly have yet to launch negotiations to find a common ground on the passage of the FTA and related bills on the implementation of the deal. nw

The ratification of the Korea-U.S. FTA will advance the Korea-U.S. alliance by extending it past current military and security concerns and further into the economic sector.

South Korean President Lee Myung-bak, left, toasts with U.S. President Barack Obama in a state dinner at the White House in Washington, D.C., on Oct. 13.
Photo on courtesy of the MCST

(from top) President Lee delivers an address at the joint session of the United States Congress in Washington, D.C., on Oct. 13. President Lee and U.S. President Obama hold one-on-one talks at the White House on the same day.