Opposition lawmakers call for renegotiation of KORUS FTA

A group of lawmakers affiliated with South Korea's main opposition party submitted a resolution on Saturday calling for the renegotiation of a free trade deal with the U.S. In the resolution, the 10 lawmakers of the Democratic Party said the free trade pact awaiting parliamentary approval in both countries should be renegotiated in order to reflect a balance of interest. In December, Seoul and Washington agreed on a supplemental agreement to address U.S. concerns over the lopsided auto trade, the biggest hurdle to getting congressional approval for the deal, signed in 2007. South Korea posted a trade surplus of US$9.4 billion with the U.S. in 2010, with two-way trade topping $90 billion, according to data compiled by the Korea International Trade Association. The pact will help South Korea's trade surplus with the U.S. widen by $463 million annually over 10 years, aided by increased exports of automobiles, electronics and textiles, the Korea Institute for International Economic Policy estimated earlier.