Opposition will scrap FTA
Han Myeong-sook, the leader of the main opposition Democratic United Party (DUP) has said that they will scrap the Free Trade Agreement (FTA) between South Korea and the United States if they are elected in the general election due on 11th April.
KORUS FTA as the free trade agreement is known has had a controversial history. Negotiations started in February 2006 and were concluded in June 2007, but had to be revised and a further renegotiated treaty was signed in December 2010.
The opposition have opposed a number of clauses in the FTA, saying that it favours the United States. Nevertheless the government ratified the treaty on 22nd November 2011 and it is due to come in to force sometime in the next few months.
The FTA will affect 362 million consumers in both countries. The opposition is not opposed to a free trade agreement with the US but they oppose the current agreement. It is probably too late to amend the existing FTA hence the pledge to scrap the agreement. The effect might be to delay the deal for years as a new agreement is negotiated.