Agricultural News
South Korea FTA Talks Falter
Thu, 11 Nov 2010 17:13:41 CSTAfter four days of discussions, negotiations over a U.S.-Korea Free Trade agreement have faltered. This is a setback for the leaders of the two nations and a blow to efforts to rekindle broader world trade talks. After meeting with South Korean President Lee Myung-bak, President Obama said – we have asked our teams to work tirelessly in the next days and weeks to get an agreement, and we are confident we will do so.
White House officials say the discussions foundered over long-standing disagreements over U.S. access to the Korean beef and auto markets. Despite optimism from both sides as they began bargaining, domestic political concerns weighed heavily on the talks and ultimately appeared to have prevented the final compromises needed to secure an agreement.
Mr. Obama said he didn't - want months to pass before we get this done. We want it to be done in a matter of weeks. Observers feel the failure to produce a signed agreement in Seoul, where the world's largest economic powers are gathering for the G-20 summit, is significant, and illustrates the difficulties facing the Obama administration's efforts to use free trade initiatives to boost U.S. exports.
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