U.S. sends business delegation for FTA renegotiation

Posted on : 2010-10-16 13:01 KST Modified on : 2010-10-16 13:01 KST
Automobile and beef provisions have remained contentious obstacles to finalizing the KORUS FTA

By Jung Eun-joo

It has been confirmed that a delegation from the U.S. business sector, put together by the U.S. Chamber of Commerce (USCC), visited South Korea to urge an early resolution to contentious issues in the renegotiation of the South Korea-U.S. free trade agreement (KORUS FTA), including automobile and beef provisions.
The American Chamber of Commerce in Korea (AMCHAM) and other sources reported Friday that the “U.S.-South Korea FTA Business Coalition,” a group of representatives from 11 businesses and councils, including the National Pork Producers Council (NPPC), came to South Korea on Tuesday for a three-day stay. The coalition reportedly met with major government officials and called for a conclusion to renegotiations prior to the G-20 Summit in Seoul on Nov. 11 and 12. Among the figures the representatives have met with are Minister of Strategy and Finance Yoon Jeung-hyun, Minister for Trade Kim Jong-hoon, Presidential Council on National Competitiveness Chairman Kang Man-soo, and G-20 preparatory committee Chair Sakong Il.
The representatives are also known to have communicated the position that if the two countries fail to reach an agreement by the time of the summit, the KORUS FTA is unlikely to undergo ratification procedures in the U.S. Congress in early 2011.
In addition to the NPPC, the other companies and groups represented in the coalition were Boeing, Goldman Sachs, Chevron, MetLife, Prudential Financial, ACE Insurance, General Electric, the American Farm Bureau Association, the National Association of Manufacturers, and the Coalition of Service Industries. The representatives were company vice-presidents or figures in charge of government-related duties.
Trade representatives from the two countries held an unofficial discussion in Paris, France, but the results of the discussion have not been disclosed. Sources report that the U.S. Trade Representative raised increased openness of the automobile and beef markets as a major issue and proposed some ideas, and that an agreement was made to meet at a later date to negotiate the specifics.

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