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US, South Korea reach free trade deal
Source: Xinhua |
December 4, 2010, Saturday
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Online Edition
Online Edition
THE United States and South Korea reached a new free trade agreement yesterday after a three-year stalemate on auto tariffs, US President Barack Obama announced yesterday.
Under the agreement, tariffs on 95 percent of goods between the two countries will be lifted within five years. The new deal would be the largest US trade pact since the North American Free Trade Agreement with Canada and Mexico in 1994.
After nearly a week of talks in suburban Washington, negotiators cleared a key hurdle by letting the United States move more slowly on lifting tariffs on South Korean cars after US automakers feared a flood of imports.
In a statement released by the White House, Obama hailed the agreement as a "landmark trade deal" that would support at least 70,000 US jobs and it is expected to increase annual exports of US goods by up to US$11 billion.
He said that the agreement is an integral part of his administration's efforts to open foreign markets to US goods and services, create jobs for American people, and achieve the goal of doubling US exports over five years.
The White House said that South Korea has an economy at close to US$1 trillion and already is the United States' eighth largest trading partner.
In 2009, bilateral trade between South Korea and the US totaled US$66.7 billion. US goods trade deficit with South Korea was US$11 billion in 2009 while the services trade surplus was US$7.1 billion in 2008.
The US International Trade Commission estimates the US trade balance with South Korea will improve by US$3.3 billion to US$4 billion under the agreement.
Under the agreement, tariffs on 95 percent of goods between the two countries will be lifted within five years. The new deal would be the largest US trade pact since the North American Free Trade Agreement with Canada and Mexico in 1994.
After nearly a week of talks in suburban Washington, negotiators cleared a key hurdle by letting the United States move more slowly on lifting tariffs on South Korean cars after US automakers feared a flood of imports.
In a statement released by the White House, Obama hailed the agreement as a "landmark trade deal" that would support at least 70,000 US jobs and it is expected to increase annual exports of US goods by up to US$11 billion.
He said that the agreement is an integral part of his administration's efforts to open foreign markets to US goods and services, create jobs for American people, and achieve the goal of doubling US exports over five years.
The White House said that South Korea has an economy at close to US$1 trillion and already is the United States' eighth largest trading partner.
In 2009, bilateral trade between South Korea and the US totaled US$66.7 billion. US goods trade deficit with South Korea was US$11 billion in 2009 while the services trade surplus was US$7.1 billion in 2008.
The US International Trade Commission estimates the US trade balance with South Korea will improve by US$3.3 billion to US$4 billion under the agreement.
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