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US in last-gasp Seoul trade talks US in last-gasp Seoul trade talks
(about 3 hours later)
South Korea and the US have been battling to strike a deal in the final round of free trade talks. South Korea and the US have continued last-gasp efforts to strike a deal in the final round of free trade talks.
The sides have already missed on US-imposed deadline, set for Friday, and are now working towards a new target of 1600GMT on Sunday. Discussions continued into the early hours of the morning in Seoul, with the sides having already missed two US-imposed deadlines.
Since talks started, the sides have agreed to streamline customs and anti-trust rules, but farming and automobiles remain contentious issues.Since talks started, the sides have agreed to streamline customs and anti-trust rules, but farming and automobiles remain contentious issues.
Hundreds of South Koreans have protested against a trade deal.Hundreds of South Koreans have protested against a trade deal.
Many argue that such an agreement could threaten their livelihoods, with one protester setting fire to himself close to the Seoul hotel where the talks are taking place.Many argue that such an agreement could threaten their livelihoods, with one protester setting fire to himself close to the Seoul hotel where the talks are taking place.
'Narrowing differences''Narrowing differences'
US trade representative Stephen Norton said that both sides had "put their bottom line on the table".US trade representative Stephen Norton said that both sides had "put their bottom line on the table".
"The negotiations are moving into the final stage and people are working very hard and narrowing differences," he said."The negotiations are moving into the final stage and people are working very hard and narrowing differences," he said.
George W Bush's Trade Promotion Authority, a so called 'fast track' power, ends on 1 July, but any agreements must be reached 90 days beforehand - which is by the end of Sunday, US time.
The special power enables Mr Bush to send trade pacts to Congress, for a straight yes or no vote, but amendments are not allowed.
Seoul wants the US to immediately end tariffs that are imposed on South Korean automobiles imported to the US.Seoul wants the US to immediately end tariffs that are imposed on South Korean automobiles imported to the US.
Automobiles represented the single largest industry for two way trade between the two nations in 2005, with the Asian country exporting 709,000 vehicles and importing 5,500.Automobiles represented the single largest industry for two way trade between the two nations in 2005, with the Asian country exporting 709,000 vehicles and importing 5,500.
Meanwhile, the US wants restrictions on imports of US beef to be lifted.Meanwhile, the US wants restrictions on imports of US beef to be lifted.
South Korea, which was formerly the third largest buyer of US beef banned the goods following mad-cow disease fears.South Korea, which was formerly the third largest buyer of US beef banned the goods following mad-cow disease fears.
Imports resumed last September but South Korea has stopped deliveries containing bone chips.Imports resumed last September but South Korea has stopped deliveries containing bone chips.
Trade between the two countries reached $72bn (£37bn) in 2005 and those in favour of a trade deal say it would help economic growth.Trade between the two countries reached $72bn (£37bn) in 2005 and those in favour of a trade deal say it would help economic growth.
George W Bush's Trade Promotion Authority, a so called 'fast track' power, ends on 1 July, but any agreements must be reached 90 days beforehand.
The special power enables Mr Bush to send trade pacts to Congress, for a straight yes or no vote, but amendments are not allowed.