US, S. Korea reach free trade agreement

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Source: CCTV.com | 04-03-2007 09:25

The United States and South Korea have reached a landmark free trade agreement. Ten months of negotiations ended with a final week of intense haggling that wrapped up just ahead a deadline.

The deal is the biggest for the US since the North American Free Trade Agreement in 1994. It's the biggest ever for South Korea.

In a major surprise, the US agreed to give preferential treatment to South Korean products made in the DPRK. Both sides agreed to lower barriers on a wide range of industrial goods and services, including financial services. The agreement also covers sectors such as e-commerce.

The US Deputy Trade Representative says the agreement is a historic accomplishment.

Karan Bhatia, US deputy trade representative, said, "By breaking down barriers to trade and investment it will benefit the industrious and creative people of both of our countries, create new economic opportunities, and strengthen a vital, economic and strategic partnership that goes back half a century."

President Roh Moon-Hyun thanked his people and praised his negotiating team. Roh expressed his confidence in opening the market, trying to convince his people who are against the deal.

Meanwhile, more than five hundred workers and civic group members staged a rally in downtown Seoul. They vowed a continuous fight against the free trade deal.

Editor:Du Xiaodan