Korea-US free trade deal expected to be ratified before summit

U.S. President Barack Obama submitted a free trade agreement with Korea to Congress Monday, raising hopes that ratification will be completed more than four years after the deal was signed.

Congress is expected to ratify the accord before the Oct. 13 summit between Obama and Korean President Lee Myung-bak or by the end of this month at the latest.

“The series of trade agreements I am submitting to Congress today will make it easier for American companies to sell their products in South Korea, Colombia and Panama and provide a major boost to our exports,” Obama said in a statement. “We have worked hard to strengthen these arrangements and get the best possible deal for workers and entrepreneurs, and I appeal to Congress for approval without delay.”

In a separate letter to Congress, Obama said the free trade deal with Korea will create more than 70,000 jobs in the U.S., warning that failure to ratify the agreement will further decrease the U.S. share of the Korean market.

Obama’s quick submission of the bill to Congress reflects his strong will to have it ratified before his Oct. 13 summit with President Lee.

The Korean government welcomed the submission of the bill, paying keen attention to the Korean National Assembly’s move to ratify the trade deal.

“The Korea-U.S. FTA is necessary for the future of our economy, particularly to strengthen the basis for Korea’s economic growth amid fears over a global recession,” Prime Minister Kim Hwang-sik told a Cabinet meeting Tuesday.

Kim instructed the Cabinet to do its best to ensure that the bill be passed in the ongoing parliamentary session.

Trade Minister Kim Jong-hoon also urged quick parliamentary ratification of the deal, saying that since Congress is expected to ratify the bill next week, Korea will likely be pressed for time if it the National Assembly fails to ratify it before the end of the month.

The ruling Grand National Party will likely seek a vote on the accord in a parliamentary session on Oct. 28.

“If Congress passes the FTA bill, we should also do the same around that time,” said party floor leader Hwang Woo-yea. “I will try to seek agreement with opposition parties after checking the overall situation after the parliamentary audit of the administration.”

Rep. Nam Kyung-pil, chairman of the National Assembly`s Foreign Affairs, Trade and Unification Committee, said he is considering ways to seek ratification after parliament’s question-and-answer session with the administration ends on Oct. 17.

yhchoi65@donga.com january@donga.c