South Korea's leading business organizations on Wednesday welcomed the imminent
implementation of the free trade pact with the United States, calling for full
public and government support for the deal that promises huge economic
benefits.
The Seoul-Washington free trade agreement (FTA), signed in
2007, is slated to come into effect on Thursday, cutting or phasing out tariffs
on 85.7 percent of U.S. goods and 87.3 percent of South Korean goods in three
years.
"The Korea-U.S. free trade agreement (KORUS FTA) will boost our
economy by creating new jobs and enhancing consumer welfare despite the
struggling world economy," said the FTA Industry Alliance in a
statement.
The alliance is made up of 42 private business groups and
organizations, including the Korea International Trade Association (KITA), the
Federation of Korean Industries (FKI) and the Korea Chamber of Commerce and
Industries (KCCI).
"We now have to stop disputes over the FTA and make
concerted efforts to seek ways to take advantage of the FTA and maximize our
national interest," it said, referring to calls by opposition parties which have
urged the renegotiation of the agreement, claiming that the KORUS FTA unfairly
favors the U.S. and destroys weak local industries and the farming
sector.
The FKI, the lobby for large conglomerates, also hailed the
implementation, saying it will strive to pave more ways to tap into the world's
biggest market by producing more quality goods.
"We will do our best
to create more jobs in order to help all people feel the benefits of the free
trade deal," the FKI said.
KITA said the KORUS FTA will help small-
and mid-size companies overcome the deepening economic downturn stemming from
the European debt crisis and lead overall economic development.
The
KCCI also echoed the welcoming view and demanded the Seoul government help
trading companies enter the U.S. market and prepare for appropriate measures to
support local industries expected to be damaged by the FTA.
Source Text