South Korea Friday sent a sweeping free trade pact with the United States to parliament for approval, saying it would make the economy stronger and more competitive. Prime Minister Han Duck-Soo called for quick ratification of the trade deal, which was signed by the two countries on June 30 and must be ratified by both the US Congress and Seoul's National Assembly.
"The FTA will lay the foundation for our country to modernise systems and practices and strengthen the competitive power of its economy," Han said. Farmers and activists staged occasionally violent protests against the pact during the 10 months it was being negotiated but most opinion polls show a majority of South Koreans favour it. The pact would eliminate nearly 95 percent of tariffs on trade in consumer and industrial goods within three years.
The main opposition Grand National Party has not opposed the deal. But about 80 pro-government and opposition party lawmakers have called for a parliamentary probe into negotiations between the two countries. The Democrat-led US Congress has indicated it may not approve the FTA, amid concerns it fails to open the Korean auto market fully.
South Korea is the US's seventh-largest trade partner, with commerce between the two countries last year worth 78 billion dollars. Some studies show this could rise by up to 20 billion dollars in coming years under a free trade regime. Some also see an FTA strengthening the alliance, which dates back to the 1950-1953 Korean War.