Amcham Chief Calls for South Korea-US Free Trade Deal

SEOUL, Dec 28 Asia Pulse - South Korea and the United States should reach an agreement on free trade as soon as possible since the ongoing bilateral talks are too good a chance to pass up, the new head of the American business community here said Thursday.

So far, the two countries have held five rounds of free trade agreement (FTA) talks since June, but no breakthrough has been made to sign an accord by the end of March.

"We believe the FTA deal is a once in a lifetime opportunity that neither nation can afford to miss. We recognize there is a lot of work still to be done on both sides to ensure this agreement fairly benefits both countries and is one that presents a new growth model for Asia going forward," William Oberlin, the new chairman of the American Chamber of Commerce in Korea (AMCHAM), said in a press conference.

Oberlin, president of Boeing Korea, also said if the two countries are successful in concluding the FTA talks, it will give Korea enormous leverage in negotiating with other partners, as they will be eager to enter into agreements with South Korea.

"If this FTA cannot be completed early next year, we don't think the United States Trade Representative or the American business community would have any appetite for restarting talks anytime soon," he said. "So, we believe it really is now or never for both countries to benefit from this once in a lifetime opportunity," Oberlin said.

South Korea wants the U.S. to make concessions in antidumping laws that Seoul believes are unfair for its exporters, such as Samsung Electronics Co. (KSE:005930) and Hynix Semiconductor Inc. (KSE:000660), to move the FTA negotiations forward.

However, the U.S. has rejected the South Korean proposals, dimming prospects for the sides to reach an agreement in time.

Besides the antidumping rules, the sides have barely touched on sensitive issues such as farm goods, autos and pharmaceuticals.

Oberlin also stressed that a successful FTA will not only send compelling economic signals that Korea is open for business, but will also strengthen political and military ties.

The chamber also expressed concerns about what it said was the deterioration of the business environment in Korea and the lack of opportunities.

AMCHAM, founded in 1953, is dedicated to facilitating trade and commerce between South Korea and the U.S. It counts more than 1,000 companies as members.

(Yonhap)

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