US, S Korea struggle to iron out kinks in free trade talks
Tuesday, March 13, 2007
UNITED STATES and South Korean negotiators struggled on Monday to iron out differences over the opening of several key markets as they prepared to wrap up free trade talks ahead of a looming end-month deadline.
Lee Hye-Min, South Korea's deputy chief negotiator, said both sides failed to reach agreement at a morning session on Monday, the final day of five-day talks that began in Seoul last week.
"There was no agreement this morning. Negotiations are under way in general," he told reporters.
South Korean officials have reported progress in some less sensitive areas but indicated unresolved key issues, such as auto and agricultural market access, should be tackled through high-level informal talks in coming weeks.
Korean chief negotiator Kim Jong-Hoon said both sides were struggling hard to narrow differences over automobiles, textiles, pharmaceuticals, anti-dumping remedies and farm goods such as rice.
Washington wants the early elimination of South Korean levies on American cars given that very few are sold here compared with hundreds of thousands moving the other way.
Seoul insists it will maintain trade barriers on rice and other sensitive items while Washington says there should be no exceptions.
The deal, if agreed, would be the biggest since the 1993 North American Free Trade Agreement. US-South Korean bilateral trade reached US$74 billion in 2006.
US negotiators must submit any FTA deal to Congress by April 2 for a 90-day review before President George W Bush's "fast-track" trade promotion authority expires on July 1.
AFP
Lee Hye-Min, South Korea's deputy chief negotiator, said both sides failed to reach agreement at a morning session on Monday, the final day of five-day talks that began in Seoul last week.
"There was no agreement this morning. Negotiations are under way in general," he told reporters.
South Korean officials have reported progress in some less sensitive areas but indicated unresolved key issues, such as auto and agricultural market access, should be tackled through high-level informal talks in coming weeks.
Korean chief negotiator Kim Jong-Hoon said both sides were struggling hard to narrow differences over automobiles, textiles, pharmaceuticals, anti-dumping remedies and farm goods such as rice.
Washington wants the early elimination of South Korean levies on American cars given that very few are sold here compared with hundreds of thousands moving the other way.
Seoul insists it will maintain trade barriers on rice and other sensitive items while Washington says there should be no exceptions.
The deal, if agreed, would be the biggest since the 1993 North American Free Trade Agreement. US-South Korean bilateral trade reached US$74 billion in 2006.
US negotiators must submit any FTA deal to Congress by April 2 for a 90-day review before President George W Bush's "fast-track" trade promotion authority expires on July 1.
AFP
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