US, South Korea leaders fail to agree on free trade deal, talks to continue

Article by Christian A., on November 15, 2010

There’s still no free trade agreement between the US and South Korea; however, leaders from both countries said that the negotiators will continue talks to deal with US concerns that the deal is inadequate to open South Korean markets to US beef and autos.

The failure to revive a stalled free trade agreement by the countries’ leaders put a stop to bilateral trade. At a G20 summit joint news conference with US President Barack Obama and South Korea's Lee Myung-bak, Lee said that it was agreed that more time is required to resolve the issues.

Lee added that both leaders have asked trade ministers to reach a mutually acceptable deal “as soon as possible.” If this deal is ratified by the two countries' assemblies, it would stand out as one of the largest free trade pacts ever.

It would be the largest signed by the US since the North American Free Trade Agreement that became effective in 1994. Studies had indicated that the deal would increase the $66.7 billion annual two-way trade by up to a quarter.

Lee disclosed that negotiations will resume after the G20 meetings are over this week. He denied reports that the trade between the countries was on a fundamentally unfair footing.

Lee explained that the two countries are “more or less an even playing field when US-made parts and intellectual property rights were factored in.”

He revealed that US trade (deficit) against South Korea is about $8 billion a year – a figure that has dropped significantly. Obama said that he was convinced of Lee's commitment and he also expressed confidence that there would soon be an agreement. [via autonews - sub. required]

If you liked the article, share on:

Comments

Recommended

There is definitely a second-generation Super Series from McLaren. Even in camouflaged form, it is simply incredible. But while we still don’t have the full data on how truly dynamic...
by - February 25, 2017
A lot of fans are excited with the news that Porsche could be unveiling a performance version of its Panamera 4 E-Hybrid plug-in hybrid during the 2017 Geneva Auto Show. ...
by - February 25, 2017
Tesla is finally setting a more “definite” schedule with regards to the official launch of the Tesla Model 3 electric car. A “limited production” is said to be slated to...
by - February 25, 2017
Are you a big fan of legendary boxer Mike Tyson, the former heavyweight world champion? Or are you a big fan of the iconic Ferrari F50? Either way, you will...
by - February 24, 2017
It seems that AM-RB 001 hypercar is not the only vehicle project that Aston Martin and Red Bull Racing has gone into. This time, don’t expect something as outlandish as...
by - February 24, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries