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Korea Free trade Agreement

Korea Free trade Agreement - White House announced Friday night that the United States and South Korea have reached agreement on a comprehensive free trade pact that is a major objective of American business but could meet significant opposition from liberal Democrats in Congress.

The way was cleared for the deal after negotiators for the two nations reached a deal on cars, the last major obstacle to completing the agreement and sending it to Congress next year.

In a statement issued by the White House, President Barack Obama said the “landmark” deal is expected to increase annual exports of American goods by up to $11 billion and support at least 70,000 American jobs. He said he looks forward to “working with Congress and leaders in both parties to get this done.”

On a day when it was announced that the unemployment rate unexpectedly shot up from 9.6 percent to 9.8 percent in November, Obama said the Korea agreement "is an integral part of my Administration’s efforts to open foreign markets to U.S. goods and services, create jobs for American workers, farmers and businesses, and achieve our goal of doubling of U.S. exports over five years."

Obama promised in June to improve on a 2007 trade pact with South Korea negotiated by the Bush administration, and he appears to have delivered for U.S. auto makers seeking protection from competition with Korean companies such as Hyundai, according to Washington representative for a U.S. car manufacturer.

Korea Free trade Agreement
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