S.Korean President Lee Myung-Bak (L) shakes hands with Hong Joon-Pyo (R), chairman of ruling Grand National Party, as Sohn Hak-Kyu (2nd R), head of opposition Democratic Party, looks onNovember 15, 2011
South Korean leader offers deal on US trade pact
SEOUL: South Korean President Lee Myung-Bak offered Tuesday to seek a re-negotiation of a contentious clause in a free trade argeement with the United States if the opposition approves the deal first.
The offer came as a standoff between Lee's ruling Grand National Party (GNP) and opposition parties over the long-delayed deal showed no sign of easing.
"President Lee said he would ask the US to renegotiate within three months if parliament ratifies the FTA first and formally requests renegotiation" on the controversial clause, GNP floor leader Hwang Woo-Yea told reporters.
The main opposition Democratic Party confirmed the offer was made during Lee's rare personal visit to parliament and talks with parliamentary speaker Park Hee-Tae, GNP Chairman Hong Joon-Pyo and Sohn Hak-Kyu, head of the main opposition Democratic Party.
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The opposition did not say whether it would accept the offer.
It was the president's first visit to push a specific piece of legislation since he took office in February 2008.
Opposition lawmakers have blocked GNP attempts to approve the deal since it sailed through the US Congress last month.
Activists, workers and farmers have meanwhile demonstrated in the streets and police have used water cannon to disperse some protests.
The GNP has a solid parliamentary majority, but is reluctant to ram the bill through and provoke clashes for fear of a voter backlash before next year's general and presidential elections.
The main point of contention is an "investor-state dispute" settlement system that allows disagreements between investors and the state to be decided by third party mediation.
Opposition parties say it could infringe the country's legal independence. The government says such a system is a global standard and is part of earlier South Korean trade pacts.
The ruling party has criticised the opposition for trying to block a deal originally signed in 2007, when the latter was in power. The deal was modified last year to address complaints from US automakers.
The standoff has stoked rampant rumours about the negative impact of the trade deal.
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