Negotiation over a free trade agreement between US and South Korea is facing obstacles and they have limited time to find solutions.
Speaking at Heritage Foundation, Lee Tae Sik who is South Korea's ambassador to US, said time was running out with many issues remaining pending, which had brought the negotiations to a crucial stage.
Lee added that some industries of both nations are opposing additional market openings that could be included in the agreement and they have placed demands which can spoil the talks if both Governments fail to check the tremendous returns resulting from this agreement.
He stated that in first week of December, both sides will be conducting fourth round of talks at Big Sky in Montana, but negotiators are not expecting to obtain a solution within this year.
US wants Seoul to look into tariff and non-tariff barriers inclusive of taxes based on the engine's size, so that sales of US's automobiles can rise there.
Lee further said that Washington is not ready to reorganize anti-dumping laws which are often wrongly applied as believed by South Korea and it is withstanding pressure to cancel levies and prohibitory rules which safeguard US textiles.
Lee said Seoul wants that a quota for talented South Korean labourers be incorporated in the agreement, which allows them to use temporary visas to work in US markets. This will enable South Korean firms to take benefit of additional investment opportunities brought by this agreement.
marketing@alchempro.com
