National Conference for Advancement (NCA) was organized on yesterday, to discuss in detail the need to form FTA with the US.
NCA released a statement to the press saying, A Korea-US (KORUS) FTA is an inevitable choice for Korea to survive in the fierce competition in the global market. What KORUS FTA opponents are seeking seems to be spreading anti-American sentiment with left-wing groups who are against economic development through free market and market opening.
Although the US is major import market, Korea s share has been reducing gradually since 1998 and has crashed to just 2.6 percent in 2005, as against China whose share soared to 14.6 percent.
Experts believe that with the abolition of 2-3 percent duties under FTA would raise the competitiveness of the prices, inturn increasing the exports.
This FTA would be most beneficial to textile sector that has to currently pay almost 68.4 percent tax.
Trade, economic and diplomatic relations between the two countries would also be strengthened.
