November 5, 2010
US, S.Korea to make last-minute push for trade pact
SEOUL: The top US and South Korean trade officials will meet next week in a final push to seal a sweeping free trade agreement before the G20 summit in Seoul, the South's trade ministry said Friday.
At a two-day meeting starting in Seoul Monday, Trade Minister Kim Jong-Hoon and his US counterpart Ron Kirk will seek a compromise deal before their presidents meet on the sidelines of the Group of 20 summit next Thursday and Friday.
The two met last week in the United States but failed to resolve all their differences. President Barack Obama has said he wants to seal the deal before the summit.
The two countries signed the accord in 2007 but US legislators, who must ratify it, have demanded that South Korea open its auto and beef markets wider.
Two-way trade was worth 66.7 billion US dollars in 2009, down sharply from 84.7 billion US dollars in 2008 because of the economic downturn.
On Thursday the White House called for progress in the talks to address US concerns.
"Whether it's autos or whether it's other issues, we know that we've got to make some progress," said spokesman Robert Gibbs.
"If we can make enough progress to where the president feels like, for instance on autos, there's a better deal for our automakers and for our workers, then it'll be something that we can support."
Obama, in talks this week with South Korean President Lee Myung-Bak, reiterated his pledge to conclude talks before the summit.
The European Union has already sealed a pact with South Korea, Asia's fourth largest economy. - AFP/fa
