Officials rush to ready for upcoming U.S. FTA

It’s getting hectic at government offices as preparations for the Korea-United States free trade agreement get underway. Most officials at departments related to the economy worked over the weekend.
The Roh administration is expected to hold a special briefing at 9 a.m. today with the Ministry of Foreign Affairs.
Finance Minister Kwon O-kyu will hold a meeting at 2 p.m. at the government complex in Gwacheon, a city adjacent to southern Seoul, to prepare measures to deal with the free trade pact. Officials from agriculture, industry, labor and other related departments will participate.
Kwon ordered government officers to thoroughly prepare for the Korea-United States trade agreement during a meeting with them Saturday.
At 3:30 p.m., the government will announce more detailed measures to support industries hurt by the FTA, said a government official who declined to be identified. Compensation worth more than 119 trillion won ($126 billion), in forms such as loans and investments, is expected, the official said.
The farming and fishing industries, which are expected to sustain the most damage from the market opening, will receive subsidies through the FTA Farming and Fisheries Special Law. Small manufacturers and service sector businesses will also be supported through low-interest loans.
The government is planning to provide free consulting services to companies in those industries.

By Hwang Young-jin Staff Writer [yhwang@joongang.co.kr]