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S. Korea President pushes US trade deal

11-30-2011 10:53 BJT

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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

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