Congress Ratifies U.S.-Korea FTA After 4 Years

The U.S.-Korea Free Trade Agreement was approved by both the House of Representatives and the Senate Wednesday four years and three months after it was signed by President George W. Bush. It was immediately delivered to the White House and signed into law by President Barack Obama.

“[FTA] will support at least 70,000 American jobs,” Obama declared. “This agreement has unprecedented support from business and labor.”

The FTA is the largest trade pact concluded by the U.S. since the North American Free Trade Agreement that went into effect in 1994. Despite years of delays caused by political maneuvering due to intense opposition by U.S. manufacturers and trade unions, Congress took just six working days to ratify the bill after it was submitted by the Obama Administration on Oct. 3.

The pact now remains to be ratified by the S. Korean National Assembly. The FTA also faces intense opposition from S. Korea’s agricultural sector. But if it is approved, it will go into effect either 60 days after letters are exchanged confirming that each nation has concluded their domestic preparations or on an otherwise agreed date.

The FTA’s approval in S. Korea — and its acceptance by U.S. industry and labor — may be aided by the upcoming visit of President Lee Myung-bak to Detroit with President Obama on Friday to speak about the FTA’s economic impact.