In early January the standoff over the occupation of the National Assembly was resolved by an agreement that included a provision to postpone consideration of the trade agreement: FTA consideration deferred.
On Sunday the 18th, the Lee Administration appointed Han Duck-soo as ambassador to Washington. Dr. Han has a Ph.D. in economics from Harvard, and has been Minister of Trade Affairs, Minister of Finance, and Acting Prime Minister. During the Asian financial crisis he was Vice Minister of the Ministry of Trade, Industry, and Energy. He was Prime Minister from April 2007 to February 2008. He "currently chairs a committee on measures to meet a free trade agreement with the United States (KORUS FTA)."(Han Duck-soo Named Ambassador to US)
Clearly the Koreans are sending over a pretty remarkable man. The Chosun-Ilbo speculates he was chosen in part because of his economics and trade background, and because he's known by and knows Clinton-era "economic and trade people" now populating the new Obama Administration. (Han Duck-soo Named Ambassador to the U.S.):
Barak Obama should be inaugurated as the U.S. President on January 20. He's expresses skepticism about the trade agreement with Korea in the past. On January 16, the Dong-a Ilbo carried an interview with trade attorney and former USTR staffer Jay Eizenstat, described as Obama Transition Team trade advisor. Eizenstat sees the U.S. seeking to revisit the agreement this coming summer looking either for renegotiation, or "amendments within the current framework." The U.S. remains concerned about the auto industry and unless these concerns are addressed, U.S. ratification is unlikely. (Obama Ally Calls Korea-US FTA ‘Unfinished Business’)
Both Secretary of State designate Hilary Clinton, and House Ways and Means Chair Rangel called for renegotiation of the agreement: Clinton calls for renegotiation of Korea FTA. Speaking in Korea, the President of the U.S. Chamber of Commerce said he expected U.S. ratification,
However, he did hint at a possible fine-tuning of the deal. "At some point, we would have to have some refinement on the automobile issue. At the appropriate time, we were going to come to a side agreement on these matters, and we will," he said. (U.S. Businesses Say No to Renegotiating Korea-U.S. FTA)
In Korea, each side spun Clinton's remarks their own way: Renegotiation or not:
This immediately touched a debate between governing and
opposition lawmakers whether or not Clinton's rhetorical device
reflects the next U.S. administration's will to renegotiate the free
trade deal. The governing Grand National Party (GNP) legislators, while
trying to play down Clinton's remarks as falling short of
renegotiation, reiterated their calls for the Assembly to
``preemptively ratify'' it to exert pressure on Congress. Thomas
Donohue, president of the United States Chamber of Commerce, backed the
GNP, saying there would ― or could ― be no renegotiation but only some
``refinements and adjustments.''
The main opposition Democratic Party (DP), on the other hand, said
Clinton's comment was all but a declaration of war to reopen the
``KORUS FTA," and so Korea should start preparation. They cited Rep.
Charles Rangel, the Democratic chairman of the House Ways and Means
Committee, who said the bilateral free trade deal has problems not just
with autos and beef, but also rice and the Gaeseong Industrial Complex.
The Korean government continues to insist that there will be no renegotiation (S. Korea’s insistence on KORUS FTA ratification could lead to conflict with U.S.). Korea's Trade Minister, Kim Jong-hoon, meanwhile insists that renegotiation will not happen (Trade minister quashes talk of FTA renegotiations with U.S.):
“If the U.S. really wants to renegotiate the agreement, I think it is not sensible, and the U.S. should not do so,” Trade Minister Kim Jong-hoon said in an interview with Yonhap News Agency.
For Kim's remarks see also the Bloomberg story: South Korea Rejects Amendments to U.S. Free-Trade Agreement
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