U.S., South Korea near end of trade talks; deal elusive

[OhioChick]

Wednesday, March 7, 2007; 4:16 AM

SEOUL (Reuters) - South Korean and U.S. negotiators start a round of crunch trade talks on Thursday, hoping to reach agreement before an end-March deadline which could lead to the biggest U.S. free trade pact in 15 years.

The deal, which studies said could add about $20 billion to their annual $71.5 billion in trade, needs to be wrapped up by the end of the month in order to meet provisions of a U.S. trade law that allows the White House to negotiate agreements lawmakers can reject but not amend.

"We will be pursuing discussions to reach agreement in all areas," the South Korean trade ministry said in a statement on Wednesday, adding it would exercise "maximum flexibility" to that end.

Top U.S. and South Korean negotiators said last month there had been progress when they concluded the last round in Washington, but the two sides had chosen to sidestep the most politically sensitive areas of farm goods and trade remedies.

http://www.washingtonpost.com/wp-dyn/content/article/2007/03/07/AR2007030700297.html

<snip> The deal could be the biggest U.S. free trade pact since the North America Free Trade Agreement was signed in 1992. South Korea's is the seventh-largest trading partner of the United States.