28 February 2009

South Korea Faces Economic Crisis and Protest Against Free Trade

South Korea Warns of Unprecedented Economic Crisis


Opposition lawmakers tried to enter a blockaded room in which a committee was discussing a contentious free trade deal with the United States in Seoul on Thursday, December 18, 2008 (see article below:
South Korean Lawmakers Clash Over Fate of Trade Deal With U.S.)


South Korea's economy is in an unprecedented crisis with domestic and overseas demand falling at the same time
, but the government will strive to avert an annual decline in exports in 2009, the economy ministry said Friday.

The Ministry of Knowledge Economy said in its new year policy report to President Lee Myung Bak that it would aim to boost 2009 exports to $450 billion from around $430 billion projected for this year and post a trade surplus of more than $10 billion.
"The Korean economy is faced with an unprecedented crisis with exports and domestic demand, the two pillars of economic growth, falling at the same time," the ministry said.

December 26, 2008

for complete article:
http://www.iht.com/articles/2008/12/26/business/26won.php




South Korean Lawmakers Clash Over Fate of Trade Deal With U.S.

The parliamentary battle over a contentious free trade deal in South Korea led to a confrontation on Thursday in which opposition lawmakers used a sledgehammer to knock down the doors of a blockaded room where a committee was discussing the agreement.

Television reports showed fire extinguishers being sprayed at the opposition lawmakers who were trying to get into the room. At least one person was shown bleeding from the face.

The members of the opposition Democratic Party were trying to stop the trade agreement with the United States from advancing to the floor of South Korea’s legislature, the National Assembly, for a final vote. The governing party has been seeking to ratify the trade pact by the year’s end, saying it would improve South Korea’s competitiveness and ties with the United States. Opponents say it will hurt South Korean farmers.

Thursday’s assault came after the opposition party had threatened to block the deal by force if necessary. Fearing an attack, members of the foreign affairs committee, under the control of the governing Grand National Party, had barricaded themselves inside the room as they met.

December 18, 2008

for complete article:
http://www.nytimes.com/2008/12/19/world/asia/19korea.html



Watch legislators get tear-gassed, view the furniture barricaded against the door in Parliament:
http://www.youtube.com/watch?gl=CA&hl=en&v=TqvdJSO6Ssc



See 200 security guards storm Parliament and brawl with protesters:
http://english.ntdtv.com/?c=151&a=6819