South Korea's ruling Democratic Party called on the opposition parties Wednesday to promptly start a parliamentary process to ratify the country's revised free trade agreement with the United States.
The two countries signed the revision in New York on Monday on the sidelines of the UN General Assembly. Presidents Moon Jae-in and Donald Trump reaffirmed "the importance of maintaining strong, mutually beneficial trade and economic ties between our peoples in their joint statement.
Under the revised FTA, the US will extend a 25 percent tariff on imports of South Korean pickup trucks by 20 years to 2041, while Seoul will double the number of US cars not subject to its local industry regulations to 50,000.
"When a motion calling for the ratification comes to the National Assembly, the ruling and opposition parties should help put an end to the trade friction between South Korea and the US through a prompt agreement and actively seek to make an economic leap on the peninsula," Yun Ho-jung, the party's secretary-general, told reporters.
Yun also said that the trade agreement between Seoul and Washington was an indication of the ongoing peace efforts on the peninsula contributing to improving South Korea's overall external economic conditions.
In addition, he said that the ruling party plans to send a special delegation to the US next month, as part of efforts to prop up South Korea's peace efforts. The five-member delegation will be led by Choo Mi-ae, the former party chairwoman, he said.
Seoul has been striving to break the logjam in denuclearization negotiations between Washington and Pyongyang. As North Korean leader Kim Jong-un renewed his denuclearization commitment during his summit with Moon in Pyongyang last week, the momentum has been building for the resumption of the stalled negotiations. (Yonhap)