SunWuKong
06-21-2007, 07:47 AM
just when you thought that they finally finished negotiating the South Korea-US FTA.
http://news.bbc.co.uk/2/hi/business/6225906.stm
US renegotiates Korea trade pact
The US and South Korea have started talks to review parts of a hard-fought free trade deal reached in April.
The deal, the largest for the US since the 1992 North American Free Trade Agreement, took 10 months to agree.
But in May, US Democrats insisted that certain issues - including labour and the environment - had to be reviewed before approval in Congress.
Neither side expects big changes, but trade unions, who fear the deal could threaten jobs, are striking in protest.
The country's largest union - the Korean Metal Workers' Union - said it would strike for five days starting on Monday, while farmers have already staged protests.
Korean farmers have been particularly concerned that they will find it hard to compete if US agricultural goods flood the market.
Similarly, US car firms are worried that imported Korean models could undermine the US car industry.
'Balanced interests'
US representative Wendy Cutler is leading the talks with Korean counterpart Kim Jong-Hoon in Seoul.
Korean Finance Minister Song Min-Soon said the deal "reflected balanced interests of both nations", but added that it would ensure Korean interests were protected at all costs.
The pact - which still needs to be ratified by both nations - comes after their trade hit $74bn (£37bn) in 2006.
The agreement needs to be signed by 30 June.
After that date, the power held by the US president to fast-track trade deals expires, making any agreement far harder.
http://news.bbc.co.uk/2/hi/business/6225906.stm
US renegotiates Korea trade pact
The US and South Korea have started talks to review parts of a hard-fought free trade deal reached in April.
The deal, the largest for the US since the 1992 North American Free Trade Agreement, took 10 months to agree.
But in May, US Democrats insisted that certain issues - including labour and the environment - had to be reviewed before approval in Congress.
Neither side expects big changes, but trade unions, who fear the deal could threaten jobs, are striking in protest.
The country's largest union - the Korean Metal Workers' Union - said it would strike for five days starting on Monday, while farmers have already staged protests.
Korean farmers have been particularly concerned that they will find it hard to compete if US agricultural goods flood the market.
Similarly, US car firms are worried that imported Korean models could undermine the US car industry.
'Balanced interests'
US representative Wendy Cutler is leading the talks with Korean counterpart Kim Jong-Hoon in Seoul.
Korean Finance Minister Song Min-Soon said the deal "reflected balanced interests of both nations", but added that it would ensure Korean interests were protected at all costs.
The pact - which still needs to be ratified by both nations - comes after their trade hit $74bn (£37bn) in 2006.
The agreement needs to be signed by 30 June.
After that date, the power held by the US president to fast-track trade deals expires, making any agreement far harder.