ID :
152274
Sat, 12/04/2010 - 16:07
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Shortlink :
https://www.oananews.org//node/152274
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U.S., S. Korea strike deal to revise FTA toward ratification+
WASHINGTON, Dec. 3 Kyodo -
U.S. President Barack Obama said Friday the United States and South Korea have
struck a deal to revise a bilateral free trade pact that had been pending for
more than three years without ratification.
''I am very pleased that the United States and South Korea have reached
agreement on a landmark trade deal that is expected to increase annual exports
of American goods by up to $11 billion and support at least 70,000 American
jobs,'' Obama said in a statement.
''American manufacturers of cars and trucks will gain more access to the
(South) Korean market and a level playing field to take advantage of that
access,'' he said.
Although Washington and Seoul signed the free trade deal in 2007, the U.S.
Congress rejected the ratification due to concerns that the South Korean market
would not be fully open to U.S. automobiles and beef products.
The two countries tried to strike a revised deal by the summit talks between
Obama and South Korean President Lee Myung Bak in Seoul in November, but they
failed to narrow gaps and agreed to continue talks.
Autos and beef were seen as major points preventing the two countries from
reaching the bilateral free trade pact.
But the latest accord was welcomed by various U.S. business sectors, including
the auto industry.
Alan Mulally, chief executive officer of Ford Motor Co., said in a statement
that the agreed free trade pact '' provides greater clarity and transparency by
affirmatively addressing the issues surrounding non-tariff and tariff
barriers.''
The agreement with South Korea is part of his administration's efforts to open
foreign markets to U.S. goods and services, create jobs for American workers
and achieve its goal of doubling of U.S. exports over five years, Obama said.
==Kyodo
U.S. President Barack Obama said Friday the United States and South Korea have
struck a deal to revise a bilateral free trade pact that had been pending for
more than three years without ratification.
''I am very pleased that the United States and South Korea have reached
agreement on a landmark trade deal that is expected to increase annual exports
of American goods by up to $11 billion and support at least 70,000 American
jobs,'' Obama said in a statement.
''American manufacturers of cars and trucks will gain more access to the
(South) Korean market and a level playing field to take advantage of that
access,'' he said.
Although Washington and Seoul signed the free trade deal in 2007, the U.S.
Congress rejected the ratification due to concerns that the South Korean market
would not be fully open to U.S. automobiles and beef products.
The two countries tried to strike a revised deal by the summit talks between
Obama and South Korean President Lee Myung Bak in Seoul in November, but they
failed to narrow gaps and agreed to continue talks.
Autos and beef were seen as major points preventing the two countries from
reaching the bilateral free trade pact.
But the latest accord was welcomed by various U.S. business sectors, including
the auto industry.
Alan Mulally, chief executive officer of Ford Motor Co., said in a statement
that the agreed free trade pact '' provides greater clarity and transparency by
affirmatively addressing the issues surrounding non-tariff and tariff
barriers.''
The agreement with South Korea is part of his administration's efforts to open
foreign markets to U.S. goods and services, create jobs for American workers
and achieve its goal of doubling of U.S. exports over five years, Obama said.
==Kyodo
