Obama lauds US, South Korean trade deal

US President Barack Obama said on Saturday a new trade deal with South Korea will boost US annual exports of automobile, agricultural products and other goods and services by $11 billion.

Obama said that the free-trade deal, reached after intensive negotiations in the past few days, would boost exports to South Korea by $11 billion and support at least 70,000 American jobs.

He said the US car and truck manufacturers would gain more access to the South Korean market "and a level playing field to take advantage of that access."

"Last month in Seoul I directed our negotiators to achieve the best deal for American workers and companies and this agreement meets that test," Obama said in a statement.

"We are strengthening our ability to create and defend manufacturing jobs in the United States, increasing exports of agricultural products for American farmers and ranchers and opening Korea''s services market to American companies."

The two allies signed a trade agreement on June 30, 2007, but ratification has been delayed due to sticking points involving US autos and the opening of South Korean beef market.

Negotiators had edged closer on Friday to a deal to revive the stalled agreement before sending it to be reviewed by Obama and South Korean President Lee Myung-bak.

After leaders of the two nations review and approve what negotiators have done, the deal goes to their respective legislatures for a vote, setting the stage for final approval in 2011.