AlHijjah 19, 1432, Nov 15, 2011, SPA - South Korea's President made a rare trip to parliament on Tuesday to urge legislators to vote through a free trade agreement (FTA) with the United States. The FTA, which some studies say could boost the $67 billion two-way trade between the allies by as much as a quarter, was approved by the U.S. Congress last month and signed into law by President Barack Obama. The deal is the biggest U.S. trade pact since the North America Free Trade Agreement went into force in 1994. It had been expected to sail through South Korea's parliament where the ruling Grand National Party (GNP) has a majority, Reuters reported. President Lee Myung-bak told legislators he would seek a renegotiation of the investor state dispute (ISD) provision, if they passed the bill. "If parliament approves ratification of the FTA bill and advises both the United States and South Korea to renegotiate on the ISD ... then renegotiation will be requested of the United States within three months of the bill taking effect," Lee said.
