U.S., Korea Agree on Free-Trade Pact . |
| Wall Street Journal - Dec 3, 2010 |
After nearly four days of talks, South Korea agreed to give the U.S. five years to phase out a 2.5% tariff it levies on Korean-built cars, rather than cutting the tariff immediately, clearing a key obstacle to a deal on the long-stalled U.S.-South Korea trade pact, say people familiar with the negotiations.
Details of the revised pact, which must still be ratified by both nations' legislatures, are expected to be released later Friday, barring a last-minute snag. The proposed trade pact, if ratified, would be the largest bilateral trade deal the U.S. has completed since the 1994 North American Free Trade Agreement.
The tariff compromise was vital for securing support for the revised pact from U.S. auto makers and unions, say people familiar with the talks.
The provision, while economically negligible, was hard-fought by auto makers in talks this week led by U.S. Trade Representative Ron Kirk and South Korean Trade Minister Kim Jong-hoon and which included U.S. Treasury Secretary Timothy Geithner, Ford Motor Co. Chief Executive Alan Mulally, and United Auto Workers union officials.
Read Full Article from Wall Street Journal
- Posted: 2010-12-03 12:33:58
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