Korean Lawmakers in Atlanta: No More FTA Delay - Global Atlanta
August 23, 2010
By Trevor Williams
South Korean and U.S. legislators should cast politics aside and focus on the economic benefits of ratifying a free trade agreement between their countries, Korean lawmakers said Aug. 20 in Atlanta.
Negotiated in June 2007, the controversial deal has awaited approval for more than three years as lawmakers in both countries have wrangled over its touchiest sticking points: market access in Korea for American beef and cars.
President Obama has pledged to iron out these issues before visiting South Korea in November, but the deal's Korean proponents aren't holding their breath.
A procession of speakers, including Korean National Assembly members, made the case for the FTA to more than 200 attendees at a banquet preceding the annual conference of the Federation of World Overseas Korean Traders Associations, or World-OKTA, held last weekend at the Hilton Atlanta Northeast Hotel in Norcross.
A procession of speakers, including Korean National Assembly members, made the case for the FTA to more than 200 attendees at a banquet preceding the annual conference of the Federation of World Overseas Korean Traders Associations, or World-OKTA, held last weekend at the Hilton Atlanta Northeast Hotel in Norcross.
Their central message? We've waited long enough.
Ahn Kyung-ryul, a lawmaker in Korea's Grand National Party, was one of the few speakers to address the crowd in English.
He pointed to the California wine served at the banquet. Without FTA approval, such American products will lose market share in Korea to competitors from the European Union, with which Korea is working to ratify a trade deal as early as next month, said Mr. Ahn. Korea, the seventh largest trading partner of the U.S., could soon reach a similar deal with Canada.
The Korea-U.S. agreement would boost bilateral trade by an estimated $10 billion, according to the U.S. International Trade Commission.
Trade between the countries lagged in 2009. The U.S. sold $28.6 billion worth of goods to Korea during the year, down from $34.6 billion in 2008. The U.S. imported $39.2 billion in goods from Korea during 2009, about $9 billion less than the previous year, according to U.S. Census Bureau figures.
Boosting trade means more jobs in the U.S. and a stronger alliance with South Korea, said Mr. Ahn, who wondered aloud why the ratification process has plodded along.
"I don't know why. I don't know what the politicians are thinking. Why are they delaying?" he said, calling for Mr. Obama to push the agreement through Congress.
Korean legislator Hyun Byung-kyung framed the FTA as a security issue. Ratification would "fortify" his country's ties with the U.S. "despite the cloud" of North Korea's recent belligerence, he said through a translator.
It's not just legislators promoting the agreement in South Korea, Soo-Hyung Lee, an official from the Seoul-based Small and Medium Business Corp. who helps companies learn how to invest in the Southeast U.S., told GlobalAtlanta.
Although some farmers in both countries oppose the agreement, "most Korean SMEs want to validate this FTA as soon as possible," said Mr. Lee who this year began a three-year stint in Atlanta, working from offices at the Gwinnett Chamber of Commerce. "Korea's industrial character is export-oriented. Everybody wants to do it."
Tim Hur, a key organizer of the World-OKTA event, said Korean organizations have held FTA rallies all over the U.S. this year.
Ahn Kyung-ryul, a lawmaker in Korea's Grand National Party, was one of the few speakers to address the crowd in English.
He pointed to the California wine served at the banquet. Without FTA approval, such American products will lose market share in Korea to competitors from the European Union, with which Korea is working to ratify a trade deal as early as next month, said Mr. Ahn. Korea, the seventh largest trading partner of the U.S., could soon reach a similar deal with Canada.
The Korea-U.S. agreement would boost bilateral trade by an estimated $10 billion, according to the U.S. International Trade Commission.
Trade between the countries lagged in 2009. The U.S. sold $28.6 billion worth of goods to Korea during the year, down from $34.6 billion in 2008. The U.S. imported $39.2 billion in goods from Korea during 2009, about $9 billion less than the previous year, according to U.S. Census Bureau figures.
Boosting trade means more jobs in the U.S. and a stronger alliance with South Korea, said Mr. Ahn, who wondered aloud why the ratification process has plodded along.
"I don't know why. I don't know what the politicians are thinking. Why are they delaying?" he said, calling for Mr. Obama to push the agreement through Congress.
Korean legislator Hyun Byung-kyung framed the FTA as a security issue. Ratification would "fortify" his country's ties with the U.S. "despite the cloud" of North Korea's recent belligerence, he said through a translator.
It's not just legislators promoting the agreement in South Korea, Soo-Hyung Lee, an official from the Seoul-based Small and Medium Business Corp. who helps companies learn how to invest in the Southeast U.S., told GlobalAtlanta.
Although some farmers in both countries oppose the agreement, "most Korean SMEs want to validate this FTA as soon as possible," said Mr. Lee who this year began a three-year stint in Atlanta, working from offices at the Gwinnett Chamber of Commerce. "Korea's industrial character is export-oriented. Everybody wants to do it."
Tim Hur, a key organizer of the World-OKTA event, said Korean organizations have held FTA rallies all over the U.S. this year.
"Atlanta decided to host the FTA and the World-OKTA events at the same time," said Mr. Hur, president and CEO of the International Business Accelerator, a Gwinnett-based firm that advises foreign companies entering the U.S. "The conference was to open new opportunities for additional Korea-U.S. cooperation, especially for the state of Georgia and metro Atlanta."
Georgia has attracted investment from branches of many large Korean corporations, including automaker Kia Motors, SK Chemical, Doosan, LG Electronics, Samsung Electronics and more.
World-OKTA holds biennial conferences in Korea and various international cities. About 150 attendees from Korean trade associations all over the world attended the Atlanta event, including a large group from China and Southeast Asia.
Korea's consul general for the Southeast, Chun Hae-jin, said it's "both fitting and meaningful" that Atlanta hosted the recent conference, which is usually held in larger international hubs like London or Tokyo.
Georgia has attracted investment from branches of many large Korean corporations, including automaker Kia Motors, SK Chemical, Doosan, LG Electronics, Samsung Electronics and more.
World-OKTA holds biennial conferences in Korea and various international cities. About 150 attendees from Korean trade associations all over the world attended the Atlanta event, including a large group from China and Southeast Asia.
Korea's consul general for the Southeast, Chun Hae-jin, said it's "both fitting and meaningful" that Atlanta hosted the recent conference, which is usually held in larger international hubs like London or Tokyo.
Source: Global Atlanta
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