Minister of Strategy and Finance Kang Man-soo has called for swift ratification of the Korea-U.S. free trade agreement (FTA).

At the tenth FTA committee meeting, he cited a report by the Korea Chamber of Commerce and Industry that estimated a one-year delay would lead to losses of 15 trillion won, or about 15 billion dollars.

Kang went on to say the ratification process was in turmoil in part due to misunderstandings over U.S. beef imports.

He described the trade pact as one of the main accomplishments of the previous government.

The minister said being first in Asia to have an FTA with the United States would offer opportunities as the global economy slackens after a decade-long boom.

Pointing out that domestic products were losing their share of the U.S. market, he said the FTA will give them a boost.

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