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Saturday
Dec042010

President Obama Pleased with Korea Trade Deal

Photo Courtesy - ABC News(WASHINGTON) -- Calling it a “landmark” deal, President Obama said Saturday he’s “very pleased” with the free-trade agreement the United States and South Korea have worked out.

“This deal is a win for American workers, for farmers and ranchers,” the president announced this afternoon in a statement read from the White House. 

Obama boasted that the deal will contribute significantly to his goal of doubling U.S. exports over the next five years by opening up the Korean market to American aerospace products, electronics, and cars and trucks. 

“In short, the tariff reductions in this agreement alone are expected to boost annual exports of American goods by up to 11 billion. All told, this agreement, including the opening of the Korean service market, will support at least 70,000 American jobs,” Obama said.

The deal now must be ratified by Congress and approved by lawmakers in South Korea.  The U.S. Chamber of Commerce supports passage of the agreement, and its president said in a statement Friday that the lobby organization will do everything in its power to round up the votes needed. 

News of the trade agreement was announced late Friday.

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