During the G20 summit in Toronto, Canada on Saturday, President Obama and South Korea President Lee Myung-bak announced their intention to complete the free trade agreement between their countries-signed in 2007 under the Bush administration-by November 2010.
The agreement, which currently requires the US to eliminate a 2.5 percent tariff on most South Korean cars and gradually eliminate a 25 percent tariff on pickup trucks, has been opposed by the US automotive industry, even though the pact would require South Korea to eliminate an 8 percent tariff on US cars and 10 percent tariff on pickup trucks. In 2009, South Korea exported approximately 500,000 autos to the US, but only imported about 6,000 autos from the US.
However, the manufacturing sector approves of the agreement, considering South Korea an untapped source of export wealth. According to the National Association of Manufacturers, South Korea is a $300 billion import market.