WASHINGTON: South Korean President Lee Myung-Bak on Thursday hailed a new free trade pact between his country and the United States as an "engine of growth" that will be a "win" for both nations.
As he was welcomed to the White House by President Barack Obama for a state visit, Lee said that the deal, ratified Wednesday by the US Congress after years of delays, would create jobs and open a new chapter in the alliance.
"This agreement will create more jobs, it will expand mutual investments into both of our countries. It will become a new engine of growth that will propel our economies forward," Lee said at a White House arrival ceremony.
"It will be a win for both of our countries," he added.
"This agreement will open up a historic chapter in our relationship and I would like to take this opportunity to thank President Obama for his steadfast leadership."
The deal was signed during the Bush administration but was held up for years over implementation issues and after Obama came to power and requested new protections for American workers.
The pact, which Obama says will support 70,000 US jobs, also fell prey to Washington political wrangling between Obama and Republicans but was finally passed with Lee in the United States for the state visit.
Copyright AFP (Agence France-Presse), 2011
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