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mises
Joined: 05 Nov 2007
Location: retired
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 Posted: Wed Nov 05, 2008 9:00 pm Post subject: SKorea rules out renegotiating trade pact with US |
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I sure wouldn't be acting petulant and arrogant in this situation.
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SEOUL (AFP) � South Korea's trade minister on Thursday ruled out any renegotiation of a free trade agreement with the United States amid nervousness about its prospects under a Barack Obama presidency.
"There will be no renegotiation, and our stance will be maintained," Kim Jong-Hoon said of the pact signed in April 2007 but awaiting ratification by legislatures of both countries.
Obama has called the deal "badly flawed" and said it does too little to narrow a huge imbalance in the auto trade in Seoul's favour.
South Korea shipped about 700,000 cars to the US last year while importing 5,000 American cars.
"The problems facing the US auto industry are not new ones," Kim said, adding that US carmakers should step up efforts to boost competitiveness.
Newspapers hailed Obama's victory as historic but some cited his views on the trade pact as a potential challenge.
Dong-A Ilbo newspaper noted the Democrats' traditional protectionist instincts in trade.
South Korean President Lee Myung-Bak and US President George W. Bush agreed during an April summit to push for approval of the FTA by their respective legislatures by the end of this year.
This now seems unlikely, but Seoul says it expects the deal will survive.
Ralph Cossa, president of the Pacific Forum CSIS, urged the two countries to find common ground to rescue the pact, saying in a commentary it would benefit both economies in troubled times.
"Its failure will put significant strains on the overall (Korea)-US relationship," Cossa wrote. "Koreans are already agonising this morning over the prospects of the US reneging on the deal." |
http://afp.google.com/article/ALeqM5j-SejmDszHyhXFGhG2ZdgrRVL7dg
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Seoul warns over US pact
Seoul said changing the treaty, which is awaiting Congressional ratification, "not only goes against international custom but [is] inappropriate".
The warning came amid growing concerns about the future of the stalled deal. Mr Obama has called the agreement "flawed" because South Korea exports hundreds of thousands of cars to the US while the US exports only 4,000-5,000 a year to South Korea. His aides have said the president-elect will seek to adjust the agreement.
Lee Hye-min, Seoul's chief free-trade negotiator, said: "To try to renegotiate the agreement . . . would damage the balance that was achieved when the deal was reached. So renegotiation is difficult. That is our government's basic position."
Seoul has submitted aims to get the deal ratified by its parliament this year as it believes proceeding would put pressure on the US Congress to ratify the agreement. |
http://www.ft.com/cms/s/0/b2c19f44-aba4-11dd-b9e1-000077b07658.html
Korea will do what she is told. She may pretend independence at first but the economic nightmare that will follow any move towards "fair trade" by the USA will snap Kim Jong-Hoon into a more humble and appropriate demeanor.
I wonder if the English signs in the coming candlelight vigils/riots will make any inappropriate references? |
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Adventurer
Joined: 28 Jan 2006
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| Posted: Wed Nov 05, 2008 9:49 pm Post subject: |
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| Well, didn't Lee Myung Bak renegotiate what kind of beef came into Korea? Since Congress did not approve things, then it's not a signed deal yet. |
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Jandar
Joined: 11 Jun 2008
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| Posted: Wed Nov 05, 2008 11:28 pm Post subject: |
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| I would advise the Koreans to approve the Measure ASAP and start lobbying for congress to ratify it, get ready to buy a lot of US Grade A Prime Steak dinners those Congress Critters get very hungry. |
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Milwaukiedave
Joined: 02 Oct 2004
Location: Goseong
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| Posted: Thu Nov 06, 2008 6:32 am Post subject: |
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| I have a feeling the FTA isn't going to get approved by Congress unless it happens before the end of the year. The Koreans can bark all they want about the US and approving the FTA, but after the whole "we won't eat US beef because it kills people" crap, they have little real reason to complain. |
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Ya-ta Boy
Joined: 16 Jan 2003
Location: Established in 1994
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| Posted: Thu Nov 06, 2008 6:47 am Post subject: |
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Korea has about 50 million people and exports 700,000 cars to the US. The US has about 300 million people and exports 5,000 cars to Korea. Koreans recognize the disparity when you put the numbers to them. A few stall and mention how small they are but once you mention that Korea also doesn't want US rice or US beef and doesn't want regulations on intellectual property, they snap to attention. All but the morons accept that the 12th largest economy in the world can't play by the same rules that the world's 100th largest economy.
There will be some tweaking of the FTA. |
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mises
Joined: 05 Nov 2007
Location: retired
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| Posted: Thu Nov 06, 2008 7:02 am Post subject: |
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I agree and disagree ya-ta. Firstly, the disparity in the trade relationship is evident to all and most Koreans I'm sure understand the American situation. However, Korean trade policy is written by special interest groups and chaebol (not all dissimilar from the US). The farmers, labour unions, and corporate masters will not permit Korea being wedged open. Not until it kicks them all in the ass.
So, the FTA is dead. But that doesn't mean that trade stops or that the trade relationship is static. |
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Ya-ta Boy
Joined: 16 Jan 2003
Location: Established in 1994
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| Posted: Thu Nov 06, 2008 7:07 am Post subject: |
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| I agree, mises. That's why I said 'tweak'. I think things will be jiggled and bumped and in the end a deal that is more equitable will be arrived at. It's perfectly natural that the various interest groups in each country assert themselves and then the 'group' find an acceptable compromise. With good leadership, it will happen. With poor leadership (on either side) it will fail and the deal will fall through, to the detriment of both sides. |
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Ya-ta Boy
Joined: 16 Jan 2003
Location: Established in 1994
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| Posted: Thu Nov 06, 2008 7:11 am Post subject: |
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PS: I'm waiting to hear your 'mea an idiot' for spending money on that intrade thingie when you could have enriched ME, ME, ME!  |
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mises
Joined: 05 Nov 2007
Location: retired
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| Posted: Thu Nov 06, 2008 7:24 am Post subject: |
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I got nervous and covered myself in intrade. The market was right and I wrong.
I don't think the FTA will be tweaked but rather trashed. I think the era of expanding global trade is over for now. |
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Ya-ta Boy
Joined: 16 Jan 2003
Location: Established in 1994
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| Posted: Thu Nov 06, 2008 7:24 pm Post subject: |
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| I hope you're wrong about the trade issue and in particular about Korean-US trade. More restrictive trade would probably shove Korea into China's arms and the Koreans are already far too subservient to the Chinese, in my opinion. |
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mises
Joined: 05 Nov 2007
Location: retired
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| Posted: Thu Jan 22, 2009 11:27 am Post subject: |
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http://english.kbs.co.kr/news/newsview_sub.php?menu=3&key=2009012219
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Seoul Rules out FTA Renegotiations with US
Thursday, January 22, 2009 15:52:06
Trade Minister Kim Jong-hoon says the government won't have to comply with a request for a renegotiation of the free trade agreement with the United States even if it makes such a request.
Kim's comments follow U.S. Secretary of State Hillary Clinton�s recent remarks suggesting a possible renegotiation of the trade deal.
In an interview with a domestic radio program Thursday, Kim said Clinton did not explicitly call for a renegotiation, but said she will pursue a renegotiation if Seoul agrees.
He said the government has yet to receive an official request for renegotiations from the United States.
Kim added that the trade deal will open many doors for U.S. automakers looking to increase their market share in Korea, adding that many of the stipulations they have sought for years are included in the pact. |
They still don't get it. |
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NoExplode
Joined: 15 Oct 2008
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| Posted: Fri Jan 23, 2009 2:07 am Post subject: |
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Hillary is gonna be Korea's worst nightmare.
http://www.votersdomain.com/article/103/id/2776/
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"[Changes in relations of the two countries were largely due to South Koreans' lack of] understanding of the importance of our position there and what we have done over so many decades to provide them the freedom that they have enjoyed to develop the economy that is now providing so many benefits for South Koreans."
Hillary Diane Clinton
Sen. Clinton stated as she spoke at a confirmation hearing for Gen. Burwell Bell, commander-designate for U.S. forces in Korea |
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Speaking at a confirmation hearing for Gen. Burwell Bell, commander-designate for US forces in Korea, Sen. Hillary Clinton stated that South Korea was in a fog of "historical amnesia" by failing to recognize US contributions to its economic success; Clinton urged citizens of both countries to see "what the stakes are." |
http://english.chosun.com/w21data/html/news/200510/200510260015.html
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A newly hawkish U.S. Senator Hillary Rodham Clinton on Tuesday chastised South Korea for what she claimed was a fog of �historical amnesia" clouding its relationship with Washington. She said the alliance was at a "critical juncture.�
Sen. Clinton, tipped as a main Democrat contender in the 2008 presidential election, was speaking at a confirmation hearing for Gen. Burwell Bell, the commander-designate of the U.S. Forces Korea. Clinton said the U.S. role in bringing about South Korea�s remarkable economic success since the Korean War was significant, but lack of recognition of that view in Korea bordered on "historical amnesia."
She said changes in the dynamic between the two countries were largely due to South Koreans� lack of �understanding of the importance of our position there and what we have done over so many decades to provide them the freedom that they have enjoyed to develop the economy that is now providing so many benefits for South Koreans," the senator said. She urged citizens of both countries to acknowledge "what the stakes are."
Bell told the hearing North Korea was continuing to develop ballistic missiles and weapons of mass destruction that posed a variety of threats to the safety of Northeast Asia and the world. He claimed the threat of North Korean missiles was �close and fatal,� and called for the Korea-U.S. alliance to be in a permanent state of readiness to respond to that threat. He said North Korea�s was the world�s forth largest conventional military. It posed a clear threat to South Korean security and regional stability, he said.
Asked about Korean demands that the U.S. return wartime operational control of Korea�s armed forces, Bell said, "Whatever arrangements are made in the future...the unity of effort to bring military capability to bear would not be compromised in any way, shape or form." He backed U.S. moves toward greater �strategic flexibility� for its forces in the region, saying they must be in a position to respond to contingencies in other parts of the world and ready for prompt deployment. |
It's going to be ironic watching Hillary slap down, bully and abuse this male-centric society. |
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mises
Joined: 05 Nov 2007
Location: retired
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| Posted: Fri Jan 23, 2009 6:52 am Post subject: |
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| Those were strong words.. �historical amnesia".. ouch. |
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caniff
Joined: 03 Feb 2004
Location: All over the map
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| Posted: Fri Jan 23, 2009 6:53 am Post subject: |
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| NoExplode wrote: |
It's going to be ironic watching Hillary slap down, bully and abuse this male-centric society. |
Personally, I'm looking forward to it. While I think the alliance is a good thing and should be maintained, Korea has been getting a little big for its britches and needs a dose of reality. |
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NoExplode
Joined: 15 Oct 2008
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| Posted: Fri Jan 23, 2009 9:50 am Post subject: |
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| caniff wrote: |
| NoExplode wrote: |
It's going to be ironic watching Hillary slap down, bully and abuse this male-centric society. |
Personally, I'm looking forward to it. While I think the alliance is a good thing and should be maintained, Korea has been getting a little big for its britches and needs a dose of reality. |
Hehe, but it's one thing to have your torturer hooking car battery cables to your *beep*. It's a whole different thing when it's a woman's doing it to you. Get ready for some nut sizzling Mr. ParkLeeKim. |
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