PRESIDENT Barack Obama said ON Saturday a sweeping US-South Korean free trade agreement that broke through a three-year deadlock was a 'win-win' for both countries.
The 'landmark' agreement benefits US workers, farmers and ranchers, Mr Obama said, and was also a 'win' for South Korea because it will grant the Asian ally 'greater access to our markets and make American products more affordable for Korean households and businesses.'
Associated tariff reductions are expected to boost annual exports of US goods by up to US$11 billion (S$14.3 billion) while contributing 'significantly' to his goal of doubling US exports over the next five years, Mr Obama said of the agreement that raised hopes of renewed US leadership in Asia.
The agreement lifts tariffs on 95 per cent of goods between the countries within five years, in what would be the largest US trade pact since the North American Free Trade Agreement with Canada and Mexico in 1994.
After nearly four days of talks in suburban Washington, negotiators cleared a key hurdle on Friday by letting the United States move more slowly on lifting tariffs on South Korean cars after US automakers feared a flood of imports.
The deal still needs ratification by the two countries' legislatures. But the US Chamber of Commerce has already said it supports the measure's passage, vowing to do everything it can to lobby for the necessary votes. -- AFP
