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| Version 6 | Version 7 |
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| US and S Korea agree trade deal | US and S Korea agree trade deal |
| (40 minutes later) | |
| The US and South Korea have reached a free trade agreement after 10 months of intensive talks. | The US and South Korea have reached a free trade agreement after 10 months of intensive talks. |
| The deal, which requires legislative approval, is the largest the US has signed since the 1992 North American Free Trade Agreement. | The deal, which requires legislative approval, is the largest the US has signed since the 1992 North American Free Trade Agreement. |
| Both countries were keen to reach an agreement, believing it will boost trade and economic growth. | Both countries were keen to reach an agreement, believing it will boost trade and economic growth. |
| However, rice imports will not be included in the deal after Seoul objected to opening up its market. | However, rice imports will not be included in the deal after Seoul objected to opening up its market. |
| Fears that Korean farmers could be harmed by the abolition of rice tariffs led to nationwide protests against trade liberalization over the past few months. | Fears that Korean farmers could be harmed by the abolition of rice tariffs led to nationwide protests against trade liberalization over the past few months. |
| 'Export opportunities' | 'Export opportunities' |
| The BBC's Charles Scanlon in Seoul said a deal was reached with only minutes to spare after a marathon session of talks. | The BBC's Charles Scanlon in Seoul said a deal was reached with only minutes to spare after a marathon session of talks. |
| We resolved that the benefits to be gained from this free trade agreement were so substantial that it was a deal worth doing Karan Bhatia, chief US negotiator | We resolved that the benefits to be gained from this free trade agreement were so substantial that it was a deal worth doing Karan Bhatia, chief US negotiator |
| There was intense pressure to close a deal because President George W Bush's Trade Promotion Authority, a so-called "fast track" power, ends on 1 July, and any agreement had to be reached 90 days beforehand - by the end of Sunday. | There was intense pressure to close a deal because President George W Bush's Trade Promotion Authority, a so-called "fast track" power, ends on 1 July, and any agreement had to be reached 90 days beforehand - by the end of Sunday. |
| The special power enables Mr Bush to send trade pacts to Congress for a straight yes or no vote, excluding any amendments. | The special power enables Mr Bush to send trade pacts to Congress for a straight yes or no vote, excluding any amendments. |
| Negotiations were hampered by differences over various industry sectors, especially those in vehicles and agriculture. | Negotiations were hampered by differences over various industry sectors, especially those in vehicles and agriculture. |
| But in a letter to Congressional leaders, President Bush confirmed that an agreement had been reached. | But in a letter to Congressional leaders, President Bush confirmed that an agreement had been reached. |
| KEY ELEMENTS OF THE DEAL Cars: Korean firms such as Hyundai and Kia will get more access to US consumersTechnology: Korean TV manufacturers and mobile phone firms may benefit from lower taxesAgriculture: The deal could hit Korean farmers as duties on imported beef are scrapped. But rice imports are excluded | KEY ELEMENTS OF THE DEAL Cars: Korean firms such as Hyundai and Kia will get more access to US consumersTechnology: Korean TV manufacturers and mobile phone firms may benefit from lower taxesAgriculture: The deal could hit Korean farmers as duties on imported beef are scrapped. But rice imports are excluded |
| The chief US negotiator said he was disappointed that rice had been excluded from the eventual deal but added he thought further liberalization would take place over time. | The chief US negotiator said he was disappointed that rice had been excluded from the eventual deal but added he thought further liberalization would take place over time. |
| "At the end of the day I think we resolved that the benefits to be gained from this FTA were so substantial that it was a deal that was worth doing," said Karan Bhatia. | "At the end of the day I think we resolved that the benefits to be gained from this FTA were so substantial that it was a deal that was worth doing," said Karan Bhatia. |
| South Korean trade minister Kim Hyun-chong described the agreement as the "most important event" between the two countries since their signing of a military alliance in 1953. | South Korean trade minister Kim Hyun-chong described the agreement as the "most important event" between the two countries since their signing of a military alliance in 1953. |
| The Federation of Korean Industries, which represents Korea's largest companies, welcomed the agreement saying it would promote the two countries' economic interests. | The Federation of Korean Industries, which represents Korea's largest companies, welcomed the agreement saying it would promote the two countries' economic interests. |
| Trade between the two countries totalled $72bn (£37bn) in 2005, and is expected to increase about 20% as existing economic barriers are scrapped. | Trade between the two countries totalled $72bn (£37bn) in 2005, and is expected to increase about 20% as existing economic barriers are scrapped. |
| Korean concerns | Korean concerns |
| The negotiations were long and protracted and raised heated passions on both sides. | The negotiations were long and protracted and raised heated passions on both sides. |
| Koreans are worried about their farmers losing their jobs | Koreans are worried about their farmers losing their jobs |
| Hundreds of South Koreans have protested against the deal, arguing that a glut of US imports would make Korean businesses uncompetitive and threaten their livelihoods. | Hundreds of South Koreans have protested against the deal, arguing that a glut of US imports would make Korean businesses uncompetitive and threaten their livelihoods. |
| One protester set fire to himself close to the Seoul hotel where the talks have been taking place, while a number of opposition politicians have gone on hunger strike in protest at the proposed move. | One protester set fire to himself close to the Seoul hotel where the talks have been taking place, while a number of opposition politicians have gone on hunger strike in protest at the proposed move. |
| But President Roh Moo-Hyun said there is majority public support for the deal despite the protests and predicted parliament would pass it. | But President Roh Moo-Hyun said there is majority public support for the deal despite the protests and predicted parliament would pass it. |
| He said Seoul will start discussions over free trade with the European Union by June. | He said Seoul will start discussions over free trade with the European Union by June. |
| The Bush administration has sought to conclude bilateral free trade agreements with key allies in Asia. | The Bush administration has sought to conclude bilateral free trade agreements with key allies in Asia. |
| It agreed a deal with Singapore in 2003, although a similar agreement with Malaysia has been delayed after the two sides failed to reach a consensus on access to key sectors such as banking and car production. |