Thursday, 27 March 2014

Resolution of the National Assembly to Urge Renegotiation of the Korea - US Free Trade Agreement

Resolution of the National Assembly to Urge Renegotiation of the Korea - US Free Trade Agreement

Introduced: December 23, 2011

Amended: December 27, 2011

Passed: December 30, 2011

DEMAND

The National Assembly of the Republic of Korea is acutely aware of the fact that concerns have been raised about potential damage to the balance of interests between Korea and the US regarding the investor-state dispute (hereinafter the "ISD") specified under Part 2 of Chapter 11 of the Korea-US FTA during the review of the "ratification agenda in the exchange of letters concerning the free  trade agreement between Korea and the US (hereinafter the "Korea-US FTA")";

In order to dispel the foregoing concerns, the National Assembly hereby demands that the Korean government and the US government renegotiate the pertinent issues thereof and resolve them as follows.

1. The National Assembly of the Republic of Korea is acutely aware that the ISD of the Korea-US FTA may interfere with the legitimate  authority of the sovereign state, such as its right to decide public policy, its judiciary right and others rights pertaining to its administrative branch, and thus urges the Korean government and the US government to renegotiate the Korea-US FTA, including the abolition, reservation or revision of the pertinent ISD provision.

2. The National Assembly of the Republic of Korea hereby urges the Korean government to identify any federal and/or state laws of the US that may conflict with the Korea-US FTA and to pursue the necessary diplomatic efforts to ensure prompt revision thereof on the part of the US government.

3. The National Assembly of the Republic of Korea is acutely aware that a sound Korea-US alliance can only be maintained and advanced when the US government establishes a basis for genuine understanding and trust between the Korean and American peoples, and therefore urges the US government to fully accommodate the justifiable demands of the Korean government by coming back to the table to engage in further negotiations.

REASON FOR PROPOSAL

The Korea-US FTA was ratified on November 22, 2011 with its implementation and full execution pending, but during the review  process concerns were raised to the effect that the ISD specified in
Part 2 of Chapter 11 of the Korea-US FTA could interfere with the
Korean government's right to determine public policy and its judiciary right.

In order to allay such concerns and pave the way for mutual advancement through the Korea-US FTA on the basis of genuine  understanding and mutual trust between Korea and the US, there is a need for more in-depth discussion of the ISD provision; as such, the National Assembly urges the Korean government and the US government to renegotiate the pertinent issues.
 

 In addition, there are concerns about the possible application of US
domestic laws in the event that any US domestic laws, such as federal or state laws, conflict with the provisions of the Korea-US FTA.

Hence, this proposal urges the Korean government to identify any
federal and/or state laws of the US that may conflict with the
provisions of the Korean-US FTA and to make the necessary diplomatic efforts to ensure prompt revision of the provisions on the part of the US government.

No comments:

Post a Comment