On Wednesday the South Korean President, Mr. Lee Myung-bak expressed his confidence that the United States and South Korea can square up a free trade deal which has been put on hold for quite some time.
He did not give any hint of sorting out main differences regarding autos and beef just before his meeting with the American President, Mr., Barack Obama.
Both the countries are main security allies for more than decades came to terms with negotiations in the month of April of 2007 for an important deal under which tariffs and other barriers to commerce were slashed down , The deal was signed three months later.
The pact has been hanging in the midpoint since that time as the progress got slowed by changes in government of both the nations. Other reasons for the deal not coming into effect was the global economic crisis and America's demand that South Korea should give concessions on trade involving beef and autos. The deal can't come into effect until it gets ratified by legislatures in both the US and South Korea.
Lee has stated to the reporters ahead of the Group of Twenty meeting that will happen in Seoul in the next week and where he will hold an exclusive meeting with American President that he is confident of reaching an agreement with America that would be acceptable to both the countries.
Lee further stated that both he and Obama want to get the deal settled and both the countries' trade ministers are working out on the compromises that can be made to get the deal completed.
Both Lee and Obama had promised during the G-20 meting in Canada that they will sort out their differences by the time they attend the next G-20 meeting which will be held on 11&12 November, 2010.
Submitted by Nalin Sahdev