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WASHINGTON (Yonhap News) -- South Korean President Lee Myung-bak on Wednesday promoted the benefits of the country's free-trade agreement with the United States set to win Congressional ratification, saying the historic deal will sharply boost trade and create many jobs in both nations.
Lee arrived in Washington on Tuesday for a state visit that includes summit talks with U.S. President Barack Obama and an address to a joint Congressional session. The five-day trip is largely celebratory of the Congressional ratification of the free-trade pact, which is expected for later Wednesday.
"If businessmen of the two countries make active efforts, trade between the two countries is expected to increase by more than 50 percent by 2015 and sharply expand investment," Lee said in a speech at a meeting with American business leaders hosted by the U.S. Chamber of Commerce.
Last year's bilateral trade volume amounted to US$90 million.
The trade pact will bring the two traditional allies closer together and provide them with more jobs and more opportunities, Lee said.
"Ratification of the Korea-U.S. FTA is a victory of businessmen of the two countries and a historic event that opens a new horizon in relations between the two countries," he said.
Lee also said the pact means the two countries have forged a strong "economic alliance" in addition to the 60 years of political and military alliance that date back to the 1950-53 Korean War, during which the U.S. fought alongside the South against invading troops from the communist North.
The deal, first signed in 2007 and then modified last year, calls for tearing down or reducing tariffs and other barriers to the exchange of goods and services. Officials have stressed the accord is not simply an economic deal, but will also have far-reaching impacts on the overall relations between the traditional allies.
According to government data, the free-trade accord with the U.S. is expected to increase South Korea's gross domestic product by 7.2 percent to US$32.6 billion over the next seven to 10 years, while contributing to creating an additional 520,000 jobs.
South Korea, a resource-scarce nation that relies mainly on exports for economic growth, has been aggressively seeking free-trade accords with foreign countries to expand what Lee dubs the country's "economic territory."
Besides the agreement with the U.S., the fourth-largest Asian economy has seven FTAs already in effect, including those with the European Union and India, and is in negotiation with seven other nations, such as Canada, Mexico, Australia and New Zealand.
During the lunch meeting with American business leaders, Lee said the trade deal will enable them to use South Korea as a stepping stone for their expansion to other Asian markets.
"South Korea can serve as a gate to Asian markets and a strong advance base" for American firms, Lee said, referring to the web of free-trade deals that South Korea has with other nations. "I tell you that South Korea is an attractive investment destination."
Lee also said he will try to make South Korea a better place to do business.
American participants in the meeting included U.S. Trade Representative Ron Kirk, U.S. Chamber of Commerce President Thomas Donohue, Gale International Chairman Stan Gale and Cargill CEO Joe Stone.
Lee arrived in Washington on Tuesday for a state visit that includes summit talks with U.S. President Barack Obama and an address to a joint Congressional session. The five-day trip is largely celebratory of the Congressional ratification of the free-trade pact, which is expected for later Wednesday.
"If businessmen of the two countries make active efforts, trade between the two countries is expected to increase by more than 50 percent by 2015 and sharply expand investment," Lee said in a speech at a meeting with American business leaders hosted by the U.S. Chamber of Commerce.
Last year's bilateral trade volume amounted to US$90 million.
The trade pact will bring the two traditional allies closer together and provide them with more jobs and more opportunities, Lee said.
"Ratification of the Korea-U.S. FTA is a victory of businessmen of the two countries and a historic event that opens a new horizon in relations between the two countries," he said.
Lee also said the pact means the two countries have forged a strong "economic alliance" in addition to the 60 years of political and military alliance that date back to the 1950-53 Korean War, during which the U.S. fought alongside the South against invading troops from the communist North.
The deal, first signed in 2007 and then modified last year, calls for tearing down or reducing tariffs and other barriers to the exchange of goods and services. Officials have stressed the accord is not simply an economic deal, but will also have far-reaching impacts on the overall relations between the traditional allies.
According to government data, the free-trade accord with the U.S. is expected to increase South Korea's gross domestic product by 7.2 percent to US$32.6 billion over the next seven to 10 years, while contributing to creating an additional 520,000 jobs.
South Korea, a resource-scarce nation that relies mainly on exports for economic growth, has been aggressively seeking free-trade accords with foreign countries to expand what Lee dubs the country's "economic territory."
Besides the agreement with the U.S., the fourth-largest Asian economy has seven FTAs already in effect, including those with the European Union and India, and is in negotiation with seven other nations, such as Canada, Mexico, Australia and New Zealand.
During the lunch meeting with American business leaders, Lee said the trade deal will enable them to use South Korea as a stepping stone for their expansion to other Asian markets.
"South Korea can serve as a gate to Asian markets and a strong advance base" for American firms, Lee said, referring to the web of free-trade deals that South Korea has with other nations. "I tell you that South Korea is an attractive investment destination."
Lee also said he will try to make South Korea a better place to do business.
American participants in the meeting included U.S. Trade Representative Ron Kirk, U.S. Chamber of Commerce President Thomas Donohue, Gale International Chairman Stan Gale and Cargill CEO Joe Stone.
