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BUSH URGES CONGRESS TO RATIFY KOREA-US FTA TO HELP BOOST ECONOMY.
WASHINGTON, Sept 1 Asia Pulse - United States President George W Bush Sunday urged Congress to approve pending free trade deals with South Korea, Colombia and Panama, saying they will greatly enhance the US gross domestic product, which is growing more dependent on exports.
"It is not too late for Congress to approve free trade agreements with strong allies like Colombia, Panama, and South Korea so that we can create more opportunities for American farmers, ranchers, and entrepreneurs," Bush said in a weekly radio address.
"Exports account for a greater share of America's gross domestic product than at any time in our history."
Bush's remarks came as US and South Korean officials are expressing confidence that their free trade agreement (FTA) will be approved once it is put to a vote during a lame duck session held after the November 4 elections, which will help lawmakers avoid political risks in the election year.
Seoul and Washington signed the FTA in June, but the agreement still requires approval from the legislatures of both sides.
Opponents fear the free trade deal will cost US workers jobs, while proponents insist it will boost the US economy with additional two-way trade volume reaching US$20 billion annually.
Senior legislators of South Korea's ruling party backing pro-US President Lee Myung-bak have said they will ratify the trade deal during the upcoming parliament session, which starts in September.
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Source: HighBeam Research, BUSH URGES CONGRESS TO RATIFY KOREA-US FTA TO HELP BOOST ECONOMY.