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| US and S Korea agree trade deal |
| The US and South Korea have reached a free trade agreement after 10 months of intensive talks
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| UNITED STATES OF AMERICA
, 2-April-2007
3:53:7 AM |
| The deal, which requires legislative approval, is the largest the US has signed since the 1992 North American Free Trade Agreement.
Both countries were keen to reach an agreement, believing it will boost trade and economic growth.
However, rice imports will not be included in the deal after Seoul objected to opening up its market.
Fears that Korean farmers could be harmed by the abolition of rice tariffs led to nationwide protests against trade liberalization over the past few months.
'Export opportunities'
There was pressure to close a deal because President George W Bush's Trade Promotion Authority, a so-called "fast track" power, ends on 1 July, and any agreement had to be reached 90 days beforehand - by the end of Sunday.
The special power enables Mr Bush to send trade pacts to Congress for a straight yes or no vote, but amendments are not allowed.
Negotiations have been hampered by differences over various trading sectors, especially those of vehicles and agriculture.
But in a letter to Congressional leaders released early on Monday, President Bush confirmed that an agreement had been reached
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