Long awaited South Korea-US Free Trade Agreement deal concluded

US President Barack Obama last Friday announced the successful resolution of the outstanding issues with the US-Korea trade agreement, setting the stage for consideration of the agreement by Congress in the coming months.

He said: “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. Last month in Seoul I directed our negotiators to achieve the best deal for American workers and companies, and this agreement meets that test.”

The US/Korea FTA will remove tariffs on 95% of goods traded between the two countries within five years, a move which the US International Trade Commission estimates will increase US exports to Korea by up to $11 billion a year. The initial FTA was signed in June 2007 but its ratification has been deadlocked until now due to concerns relating to automobiles, beef and agriculture.