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By Jack Kim
SEOUL | Fri Nov 12, 2010 7:10am EST
SEOUL (Reuters) - South Korean officials struck an upbeat note on Friday that discussions to iron out U.S. concerns about a free trade deal they signed three years ago would conclude soon despite missing a deadline set by their leaders.
But there was also concern that outstanding differences on the autos and beef trade that hampered progress on the deal could take months, if not another several years, to resolve.
"I can tell you ... that the differences have been narrowed through the tireless discussion at various levels, and we are very hopeful of resuming talks and reaching a mutually agreeable resolution within the next few weeks," South Korea's ambassador to the United States, Han Duk-soo, told Reuters.
The two sides failed to revive the stalled deal on Thursday when their leaders met on the sidelines of a G20 summit in Seoul, dealing a setback to a longstanding effort to boost trade.
The deal, if ratified by the two countries' assemblies, would be one of the largest free trade pacts ever and the largest signed by the United States since the North American Free Trade Agreement that went into effect in 1994.
Studies said the deal would boost the $66.7 billion annual two-way trade by as much as a quarter. South Korea's automakers stand to gain with much greater access to the U.S. market.
U.S. farm products and machinery are also expected to be winners.
Trade envoys meeting since last week could not conclude negotiations to resolve U.S. industry and lawmakers' concerns that the deal does not do enough to open South Korea's market to U.S. autos and beef.
At the end of the G20 summit and ahead of his short flight to the fourth leg of his Asia tour, Japan, Obama said he wanted to get the deal right and the two sides were close to it.
"I am not interested in an announcement and then an agreement that doesn't produce results for us. We've had a lot of those in the past," he told reporters.
"Understandably, I think there's a lot of suspicion that some of these trade deals may not be good for Americans. I think this one can be."
The concerns raised by U.S. lawmakers have been the primary reason holding up deliberation by U.S. Congress.
South Korea's parliament has introduced the bill to the floor but discussions had stalled pending movement in the U.S. Congress. There is a broad support for the deal in President Lee Myung-bak's ruling Grand National Party, which controls the unicameral house.
BEEF POTENTIALLY EXPLOSIVE
Assistant U.S. Trade Representative Wendy Cutler met South Korea's chief free trade negotiator on Friday in a three-hour session seen as coordinating discussions in weeks ahead.
Obama says that the world leaders are backing him, they like his polices. The G20 proves that he is wrong, the U.S. is highly debt ridden. About all that Obama proved on his trip is that Muslims like him and he wasted money that we don’t have. His standing as a world leader has greatly fallen. His office is well respected, not him.
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