Rabu, 16 November 2011

South Korea refused to ratify the trade agreement the U.S

US and SKorea agreement

South Korea's main opposition party said Wednesday that he would not support free trade agreement with the United States, but critically important point is approached, dimming prospects for a quick approval.

President Barack Obama signed the agreement after approval by Congress last month. But opposition lawmakers in South Korea has refused to ratify the treaty, arguing that Washington favors.
South Korean President Lee Myung-bak has offered Tuesday to reopen negotiations with the United States if the opponent voice in parliament for ratification. But Democrats refused to Lee on Wednesday, said negotiations should take place first.
This issue is a provision that opponents say they allow investors to take disputes relating to contracts of international arbitration panel influenced America.
Kim Sun-jong, a political scientist at Myongji University in Seoul, Lee said that the ruling party enjoys a majority in parliament, but the strength of the material with concerns about public reaction before parliamentary and presidential elections next year.
Since it was signed in 2007, the case has been delayed by changes in the governments of both countries, the global financial crisis and U.S. demands that South Korea take steps to reduce the imbalance in the motor trade. South Korea at the end of compromise and addressed concerns of the U.S. automakers.
Operations will be more American free trade agreement since 1994 North American Free Trade with Canada and Mexico.
Bilateral trade between South Korea and the United States about $ 90billion years ago, the ministry said Seoul's Foreign Affairs and Trade.

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