LOC23:42
20:42 GMT
WASHINGTON, Dec 4 (KUNA) -- US President Barack Obama welcomed on Saturday
the trade deal agreement between the United States and South Korea, saying it
will strengthen the alliance between them and create at least 70,000 jobs for
Americans.
Obama told reporters that in the wake of the increase of unemployment to 9.
8 percent, his administration needs to open new markets around the world for
American products, while welcoming the "trademark" trade deal agreement
between the US and South Korea and "a win for American workers".
While in Seoul last month, Obama failed to finalize the trade deal, which
prompted domestic criticism to his foreign policy from the Republican Party.
He defended the failure to reach a deal before, saying it "was not good
enough. It was not good enough for the American economy and it was not good
enough for American workers".
"I am not interested in signing trade agreements for the sake of signing
trade agreements. I am interested in agreements that increase jobs and exports
for the American people and that also help our partners grow their economies,"
he added.
Obama, who was surrounded by US Trade Representative and the lead
negotiator for the deal Michael Froman, noted that tariff reductions in this
agreement alone "are expected to boost annual exports of American goods by up
to USD 11 billion."
"This agreement -- including the opening of the Korean services market --
will support at least 70,000 American jobs. It will contribute significantly
to achieving (my) goal of doubling US exports over the next five years. In
fact, it is estimated that today's deal alone will increase American economic
output by more than our last nine free trade agreements combined," he added.
Speaking at the White House upon his return from his surprise trip to
Afghanistan, Obama said this deal is "also a win for our ally and friend South
Korea. They will gain greater access to our markets and make American products
more affordable for Korean households and businesses -- resulting in more
choices for Korean consumers and more jobs for Americans."
Obama hoped Congress would endorse this trade deal while expressing
disappointment that the Senate failed to pass today the two provisions to
extend tax cuts for the middle class after being passed in the House of
Representatives.
"Those provisions should have passed. I continue to believe that it makes
no sense to hold tax cuts for the middle class hostage to permanent tax cuts
for the wealthiest 2 percent of Americans -- especially when those high-income
tax cuts would cost an additional USD 700 billion that we don't have and would
add to our deficit," he added. (end)
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KUNA 042342 Dec 10NNNN