US President Barack Obama said Monday that the White House would announce in the next day or so when it is sending stalled free trade pacts with South Korea, Panama and Colombia to Congress. The deals could increase exports by an estimated $13 billion and boost the sickly economy, but have been held up by wrangling over labour provisions between Republicans and Democrats.
"We will have an announcement on that in the next day or so," Obama told reporters as he held a cabinet meeting. The latest snag to ratification of the trade pacts has been over Trade Adjustment Assistance, a program that provides financial help to workers badly impacted by overseas competition.
The accords, negotiated and signed by Obama's Republican predecessor, George W. Bush, had run into Democratic opposition early in Obama's term. The Colombia accord stalled on US concerns over violence against labour activists, the Panama agreement faced hurdles tied to alleged money laundering and worries about opening South Korea's automobile market held up that pact.
Trade officials say those issues are mostly resolved.
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