South Korea sees ratification of trade deal with US in August

South Korea wants its bi-lateral trade deal with the United States ratified by August, a trade official said here Wednesday, heralding a parliamentary deadlock amid opposition protests against the pact.

“We seeks parliamentary endorsement of the free trade agreement in August,” deputy trade minister Lee Si-hyung told reporters in a press briefing, referring to the two-way trade accord awaiting legislative approval in Seoul and Washington.

The government and the ruling party are seeking to pass the deal, originally signed in Y 2007, in the forthcoming extra parliamentary session next month. The opposition parties, meanwhile, have repeatedly vowed to block the passage of what they see as a lopsided deal favoring Washington.

The main opposition Democratic Party in particular is calling for “re-balancing” the trade deal, supplemented last December due to US opposition over auto trade imbalances, claiming Seoul made too much concession during additional negotiations.

The deputy trade minister practically dismissed the opposition that recently called the government plan to get the bill passed soon “a declaration of war” against the opposition camp. “For now, we are hoping for ratification of the deal that has already been submitted to the parliament,” Mr. Lee said, apparently ruling out the possibility of further adjustment to the pact.

Washington, meanwhile, is currently preoccupied with the issue of raising the debt ceiling amid fears of the federal government defaults on its debt. Seoul is keeping an eye on whether the issue would affect US Congressional endorsement of the free trade agreement, Mr. Lee said.

Paul A. Ebeling, Jnr.

Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster’s Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.

Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.