S Korea, US to launch free trade talks
Afp, Washinton
The United States and South Korea agreed Thursday to launch talks for a major bilateral free trade agreement, which President George W. Bush said would expand America's engagement in Asia. If clinched, the pact would be the largest US free trade accord in Asia, as South Korea is the third biggest economy in the region behind China and Japan, with which Washington has no such agreement. It would also be the largest free trade accord in 15 years for the United States since the North American Free Trade Agreement (NAFTA) was singed, linking the world's most developed economy with neighbours Canada and Mexico. "A free trade agreement with the Republic of Korea will provide important economic, political, and strategic benefits to both countries and build on America's engagement in Asia," Bush said. The move Thursday gives a major fillip to sagging US-South Korean ties, probably at their lowest ebb since the two countries forged a military alliance half a century ago.
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