S Korea, US reach free trade agreement
Yonhap | 2007/04/02
S. Korea, U.S. reach free trade agreement
SEOUL, April 2 (Yonhap) — Ending nearly 10 months of tough negotiations, South Korea and the United States reached a free trade agreement Monday that would drastically boost their exports, officials both sides said.
Han Dong-man, a spokesman at South Korea’s Ministry of Foreign Affairs and Trade, said the talks were successfully wrapped up after overnight nonstop negotiations that involved top level officials from the two countries.
U.S. Trade Representative spokesman Steve Norton also confirmed the agreement.
South Korean Trade Minister Kim Hyun-chong and Deputy U.S. Trade Representative Karan Bhatia scheduled a joint news conference for 2:00 p.m. (0500 GMT) to formally announce the deal, Han said.
The deal was reached minutes before the U.S. legal deadline of 1 p.m. Monday (0400 GMT on Sunday) ran out. The deadline requires U.S. President George W. Bush to notify Congress of his intention to sign a deal under his "fast-track" trade promotion authority.
That authority requires a mandatory 90-day congressional review of a deal before voting for or against without amendments. South Korea has no time limitations for getting approval from its parliament where supporters are believed to outnumber opponents.
