US and South Korea Start Final Stage of International Trade Talks

The United States and South Korea struggled to resolve differences over certain international trade issues last Monday as they started the final phase of their negotiations concerning a proposed free trade agreement (FTA). Although the two countries completed the final round of their FTA talks, they still decided to hold further discussions in order to settle their disputes regarding some international trade issues. US Deputy Trade Representative Wendy Cutler and her South Korean trade negotiator Kim John-hoon recently met in Washington in order to talk about sensitive issues like textiles, pharmaceuticals, agriculture, and automobiles. Top officials in the agricultural sector also met in Seoul recently in order to focus on farm issues that have been blocking the progress of the FTA talks between the US and South Korea. It must be noted that many South Koreans oppose the proposed international trade deal due to fears that it may seriously affect the country's agricultural industry. Stephen Norton, who is the spokesman of the US Trade Representative, told reporters that the two parties would be doing a lot of hard work towards the end of this month. Meanwhile, Mr. Jong-hoon said that the two sides have already achieved a significant breakthrough since the international trade negotiations were launched ten months ago. He stated that he would do what he could in order to resolve remaining issues in the proposed FTA. According to the South Korean trade negotiator, the two countries would discuss such issues in Seoul next week. It must be noted that the US and South Korea are aiming to complete the talks before the end of this month. According to reports, Ms. Schwab and Mr. Jong-hoon are due to meet next week in South Korea in order to settle remaining hurdles to the proposed FTA. If the international trade agreement materialized, it would be the largest free trade agreement to be signed by the US since the NAFTA (North American Free Trade Agreement). It must be noted that the US is pushing to close an international trade agreement with South Korea before the trade promotion authority (TPA) of President George W. Bush ends in July this year. But the two parties need to wrap up a deal by the end of this month since the proposed deal must be submitted to the US Congress 90 days before the expiration of the TPA. At present, Washington is negotiating for the extension of the trade authority. Source : http://www.tbc-world.com/