Thursday, October 28, 2010

South Korean and US trade officials meeting in San Francisco fail to hammer out new deal on FTA

Yeah, that deal that's already been signed (what a topsy-turvy world we're in when it's Seoul that's saying, "We signed an agreement, now stick to it," and it's Washington chanting, "Two, four, six, eight... We must renegotiate!").

Anyway, no new agreement on the agreement has yet been reached, but they're hoping for a breakthrough soon.

From Reuters:
Top U.S. and South Korean trade officials finished talks in San Francisco on Wednesday without announcing a deal on beef and auto trade issues that have blocked U.S. approval of a free trade pact.

"United States Trade Representative Ron Kirk and Korean Trade Minister Kim Jong-hoon have concluded their meeting to discuss the U.S.-Korea trade agreement," USTR spokeswoman Carol Guthrie said in a brief statement.

The two trade officials are working to resolve the beef and auto issues before President Barack Obama arrives in Seoul on November 10 for the Group of 20 nations summit meeting.

The United States and South Korea signed the pact in 2007 but it has languished in the face of strong opposition from Obama's fellow Democrats in Congress. It was negotiated during the Republican administration of George W. Bush.
While some are warning of dire consequences if the KORUS FTA does not go through, we have the narrow interests of Senator Max Baucus (a Democrat) and Detroit skewering the whole thing.

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1 comment:

  1. I wonder if this is the North's way of getting some of their demands met before the summit in two weeks.


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