South Korean free trade agreement could reach Congress by March

The newly reworked deal allows the U.S. five years to phase out a 2.5 percent tariff on cars made in South Korea. 

The aim by the negotiators is to complete the pact before the agreement between South Korea and the European Union goes into effect July 1. 

The Obama administration has said the accord could boost annual exports to South Korea by $11 billion and support about 70,000 jobs, while other estimates are higher. 

After President Obama’s State of the Union address on Tuesday, House Ways and Means ranking member Sandy Levin (D-Mich.) said the implementation language of the South Korean free trade agreement could be ready within a month or two. 

But he said there are no timetables for trade agreements with Panama and Colombia because there are still unresolved issues.

While the Korean FTA moves ahead, Republicans are pressing the White House to complete negotiations on the Panama and Colombia agreements, as well. 

Ways and Means Chairman Dave Camp (R-Mich.)  said in a statement after the president’s speech that he’s disappointed “by the lack of an action plan or commitment to move the long-stalled Colombia and Panama trade agreements.” 

“We should address each of the three trade agreements in the next six months,” he said. 

“If the U.S. fails to implement our own trade agreements with Colombia, Panama and South Korea, we will only lose ground to our foreign competitors and jeopardize U.S. job creation.”