Trade Agreements Blog

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While visiting South Korea, President Obama announced his intention to pass the South Korea-US free trade agreement that is currently on hold, pending approval in Congress.

From the New York Times, on Thursday:

At a news conference in Seoul, South Korea, Mr. Obama and the president of South Korea, Lee Myung-bak, both declared their desire to renegotiate elements of the agreement and to have both countries ratify it as soon as possible.

“I am a strong believer that both countries can benefit from expanding our trade ties,” Mr. Obama said. “I have told President Lee and his team that I am committed to seeing the two countries work together to move this agreement forward.”

However, since Thursday it has become unclear whether the two nations will be able to renegotiate the terms of the agreement, as the South Korea foreign trade minister ruled out additional trade talks on Friday.

US Manufacturers oppose the agreement, saying it does too little to open the Korean market and they will face an influx of Korean competitors. Proponents counter that, with Korea’s new trade agreement with the EU, the US must approve this deal if it wants to remain competitive in both markets.

Read the complete article at: South Korea Trade Pact Is Revived by Obama