FTA Pinned Down

May 2008 | Ratings Update

The National Assembly held a parliamentary hearing on May 12-13 to discuss the so-called KORUS free trade agreement (FTA) with the US, of which President Lee Myung-bak is seeking swift ratification. However, these plans have fallen foul with the liberal opposition which is now planning to petition the Constitutional Court in order to delay the resumption of US beef imports, a key requirement for the US Congress to approve the deal. We continue to believe that the KORUS FTA will not be passed under the current US congressional tenure and will thus be dependent on the outcome of the elections in November.

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