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Post by bot on Oct 13, 2011 15:07:31 GMT -5
Obama, Lee optimistic on free trade pact approval WASHINGTON (MarketWatch) - President Barack Obama and South Korea's President Lee Myung-bak expressed optimism Thursday that the South Korean parliament would pass the bilateral free trade agreement, the final step necessary for ratification of the deal. Speaking at a joint news conference following a morning of talks at the White House, Lee said he was confident that the Korean National Assembly would soon ratify the treaty. The passage of the free trade agreement signals the beginning of an "economic alliance" between the two countries that will "strengthen and elevate our military and political alliance to a whole new level," Lee said. Asked about calls from South Korea's opposition Democratic Party for the treaty to be renegotiated, Obama said that he was certain that Lee was correct in his assessment of swift approval by Korean legislators. Analysts said there is concern in South Korea that the free trade deal could hurt the agricultural sector.
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