Obama: Trade agreement with S.Korea is weeks away
Free trade needs to grow even freer, U.S. President Barack Obama said Thursday as he and South Korean President Lee Myung-bak held a joint news conference in Seoul.
Obama spoke of weeks, rather than months, till a new free trade agreement is reached with South Korea. Lee has agreed to send a team to Washington to work on the trade pact, which Obama said could mean $10 billion in U.S. exports and 70,000 jobs for Americans.
The U.S. president referred to a win-win situation, with Korea also growing its exports, adding jobs and sharing in innovation gains. He also referred to improvements in environmental protections and workers' rights, the latter of which is of key importance in union-strong South Korea.
Korean conglomerates known as chaebols also have kept a firm grasp on the country's marketplace, drawing complaints from foreign companies that have tried to do business there.
Obama is in South Korea for the G-20 summit, which is meeting Thursday and Friday to try to stabilize the world's financial markets. His trip is part of a 10-day Asia tour that is aimed at strengthening the United States' trade and military ties with a region that has thrived economically.
Widespread protests are expected at the G-20 summit, for which South Korea has mobilized its largest security force ever, according to the Yonhap news agency. A total of 50,000 police and riot police are being deployed, authorities told Yonhap.
A number of South Korean union and civic groups are gearing up for large protests against the G-20, while other groups are planning unrelated rallies in hopes of drawing international media attention.
Obama: Trade agreement with S.Korea is weeks away
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