South Korean President Lee Myung-bak called
for early ratification of the revised free trade agreement (FTA) between Seoul and Washington, expecting it to be beneficial for both countries,
according to Cheong Wa Dae Saturday.
On Friday (Korean time), the two countries finalized revisions of the FTA in Washington, ending a three-year deadlock over U.S. demands for wider access to South Korea's auto market.
Kim Jong-hoon, the chief negotiator for Seoul, said "a substantial outcome" was made on automobiles and other areas during the talks.
The presidential office issued a statement by Lee expressing his hope that the new FTA would be quickly ratified in both countries so that the
free trade pact can "finally bear fruits."
Lee also said the FTA should bring huge economic benefits for both countries and will help take the South Korea-U.S. alliance to the next level.
"The latest agreement is significant in that it equally reflects interests of both countries and has formed the basis for a 'win-win'
situation," Lee was quoted as saying. "Everyone worked together to find alternatives that would be acceptable by both sides in order to ratify and put in effect the KORUS FTA."
If the deal with the U.S. takes effect, Lee said, South Korea will be the first country to have free trade deals with the world's three largest economic blocs: the U.S., European Union and 10-member Association of Southeast Asian Nations (ASEAN) plus India.
"With the KORUS FTA, our exports will enjoy major growth," Lee said. "And our economy will have an opportunity to improve in its quality."