SEOUL, KOREA: A renegotiation of the Korea-US free-trade agreement is out of the question, a top FTA negotiator said Wednesday (5 Nov).

"Any kind of change in the already sealed pact means a renegotiation, and any kind of tinkering would offset the balance of the whole deal," Lee Hye-min, chief FTA regulator at the Ministry of Foreign Affairs and Trade, told reporters.

Lee's comments come as the two countries wait to have the historic trade accord passed by both legislatures. The newly elected US president, Barack Obama, has also declared the need for renegotiations, criticising the deal as "badly flawed" in terms of fairness, especially for the American auto industry.

Lee noted that a closer study of the accord's details would help Obama's administration see a balance. He stressed that both countries understand the "importance" of the bilateral trade deal, with US policymakers acknowledging that it is a matter of "when" and not "whether" to ratify the FTA.

"We also need to consider our domestic front; we need to maintain public support for the FTA and cannot risk disrupting public sentiment," Lee said.

Korea's head FTA negotiator added that increasing trade and investment has become an ever more significant means for expanding the economy and overcoming the current global economic crisis. "The US government has declared the greater need for trade and investment amid this global economic crisis," the official said.

Another hope for salvaging the Korea-US FTA signed in June 2007 is the US Congress' lame-duck session, which falls between the presidential election day of 4 Nov and inauguration day on January 20 next year.

Experts say congressional approval during a lame-duck session, if carried out, would reduce political controversy and dissent generated by the presidential campaigns.

The bilateral trade deal, if ratified, would be the biggest for the United States since the North American Free Trade Agreement with Mexico and Canada in 1994. Two-way trade between Asia's fourth-largest economy and the world's largest economy totaled US$78.4 billion in 2007.

Concerning the ongoing FTA negotiations with the European Union, Lee said trade-minister level talks are scheduled to take place on 12 and 13 Nov in Paris. Both sides are expected to touch on key sensitive issues, with the conviction of making progress, Lee said.

He added that ahead of the high-level talks, the head FTA negotiators for Korea and the EU are scheduled to meet for two days in Seoul beginning Thursday (6 Nov). The two trading partners are also soon expected to set the date for holding the eighth round of formal FTA talks.

On the Korea-Canada FTA negotiations, Lee said the sensitive issues over resuming imports of Canadian beef have nothing to do with the pace of the bilateral trade talks. "Beef import issues deal with the country's quarantine standards and whether they meet international health and safety conditions," the official emphasised.

Confirmation of a case of mad cow disease in Canada in December 2003 led the Korean government to ban imports.

Before the ban, Canada was the fourth-biggest exporter of beef to Korea after the United States, Australia and New Zealand. The Agriculture Ministry here said Korea requested for an age limit of 30 months on the cattle used for exports during the latest negotiations with Canada that wrapped up on Tuesday (4 Nov). (By YOO SOH-JUNG/ The Korea Herald/ ANN)