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Gov't, GNP Urge Swift FTA Ratification

News2008-05-09
Gov't, GNP Urge Swift FTA Ratification

The government and the ruling Grand National Party have launched working-level discussions for next week's parliamentary hearing on the Korea-U.S. free trade agreement (FTA).

During the meeting held Friday, they reiterated that the FTA must be ratified during the National Assembly's ongoing extraordinary session.

Foreign Minister Yu Myung-hwan urged ratification of the deal, saying the U.S. is the nation's most important trade partner. He noted that 70 percent of Korea's gross domestic product comes from trade, declaring that raising its ability to compete in the American market is a pressing task.

The two sides will meet again Sunday to discuss provision of support for those expected to suffer damage when the FTA takes effect.

The two-day hearing begins Tuesday.

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