Lee says FTA will benefit both Korea, U.S.

South Korean President Lee Myung-bak urged the United States Monday to quickly ratify a free trade agreement (FTA) signed between the countries nearly two years ago, saying the FTA will significantly benefit both countries while strengthening the half-century alliance between the two, according to Yonhap News.

The South Korean president`s renewed call came in a meeting with U.S. Trade Representative (USTR) Ronald Kirk.

"While noting the economic and trade relations between South Korea and the United States have steadily improved over the years, President Lee called for USTR Kirk`s active efforts to produce progress that is acceptable by both sides, saying an early enactment of the Korea-U.S. FTA will not only benefit both countries, but will also help significantly strengthen the overall alliance between them," a spokesman for the South Korean president said of the meeting.

The trade deal was signed in June 2007 by the countries` former administrations. Seoul wants to quickly move ahead with the ratification of the agreement, but the Obama government has been somewhat reluctant to do so, citing possible damages to U.S. industries, especially the auto industry.

"President Lee also called for U.S. efforts to fight trade protectionism, which was one of actions agreed upon at the G-20 economic summit" to counter the global recession, the Cheong Wa Dae spokesman said in a released statement.

Kirk noted Lee`s efforts to fight the global economic crisis and said the U.S. will work to meet the South Korean leader`s expectations, it said.