On December 4, US-based construction and mining equipment giant Caterpillar Inc. announced its happiness and excitement that "the United States and South Korea have agreed to eliminate most trade barriers between the two countries" in a free trade agreement (FTA)
"We congratulate President Obama and President Lee Myung-bak on this historic accomplishment," said Caterpillar chairman and CEO Doug Oberhelman.
Meanwhile, South Korean automakers are likely to see limited impact arising from the new trade agreements reached by Seoul and Washington, despite rising concerns that car exports will be hampered, news agency Yonhap said, citing industry sources from South Korean automakers Hyundai and Kia.