CCTV.com - CNTV English - CCTV News

S. Korea President pushes US trade deal

11-30-2011 10:53 BJT

Watch Video

Play Video

South Korean President Lee Myung-bak has signed a number of laws to push forward a free trade deal with the United States. The bills encompass matters including fair trade, monopoly regulations and local taxes.

Lee says the deal would further open the North American market to South Korean products, and that he hopes South Korean businesses would take the opportunity to boost their own competitiveness.

President Lee Myung-Bak (pictured) on Tuesday signed off on a package of bills
needed to implement S.Korea's free trade agreement with the US after it sailed
through the US Congress last month.

Analysts say one of the biggest winners from the agreement is the South Korean auto industry. But the deal has garnered much controversy.

Many South Koreans believe it’s lopsided towards benefiting American workers, more than their own. South Korean think tanks say the bilateral deal will create 350 thousand new jobs and increase South Korea’s GDP by 5.66 percent, however critics dispute that estimate.

The deal is expected to go into effect early next year. Seoul and Washington hope to get it implemented as early as January 1st.

File photo shows a South Korean farmer protesting against the
ratification of a free trade pact with the US near the national
assembly in Seoul. When the long-delayed US agreement comes into
force, export-dependent South Korea will have free-trade deals
with the world's largest economy as well as the European Union,
India, 10 Southeast Asian nations and several other states.

 

 

Editor:Zhang Rui |Source: CNTV.CN

Hot Videos view more

The celebrations are still continuing as the victorious coach, Joachim Loew, has been honored for his achievement in his hometown of Freiburg.
Germany coach Loew honored in hometown of Freiburg

Chinese men´s national team continued its preparations for next year´s Asian Cup, as they managed a one-all draw against visitors Jordan during a football friendly in Harbin, the capital city of Northeast China´s Heilongjiang Province.
China held to 1-1 draw by Jordan

The defending world champs came into the contest with a perfect 6-and-oh record, but they would be in for a tough first half before opening things up in the second.
USA beat Slovenia 119-76 in quarter-finals

Hot Stories more

UK authorities believe killer of James Foley is a British national

Across the UK the hunt is on for James Foley’s killer, who authorities believe is a British national. As Richard Bestic reports from London, Prime Minister David Cameron cut short his summer break to lead his government’s response.

Israeli war jets renews Gaza strike as truce talks stalled

Three Palestinians were killed and 40 others wounded in the intensive Israeli war jets´ airstrikes on the Gaza city on Tuesday night, shortly before an end of a 24-hour ceasefire in the Gaza Strip,

Missouri police arrest dozens after violent night

As the protests in the town of Ferguson, Missouri turned violent with police facing ´heavy gunfire´ from some ´criminal elements´, cops fired tear gas, stun grenades and arrested 31 demonstrators on Monday night.

Picture in news more

More Video News

Choose TV Program