Obama hails South Korea trade deal as win for both

President Barack Obama hailed a just-completed trade deal with South Korea Thursday as he welcomed the country's president to the White House, offering warm praise for a solid ally in a world in flux.

At a joint White House news conference with South Korean President Lee Myung-bak, Obama said the long-delayed trade pact approved late Wednesday by Congress is "a win for both our countries," and that he and Lee had agreed to move forward with it quickly.

Obama said the deal would increase U.S. exports by $11 billion and support 70,000 jobs, while opening Korea's market to U.S. goods. And Obama said, "I'm very pleased it will help level the playing field for American automakers."

Obama is scheduled to take Lee with him Friday to Detroit, Michigan, the home of the U.S. auto industry.

Obama also had strong words for communist-governed North Korea, saying that further provocations would be met by "even stronger sanctions and isolation."

Lee said the trade deal "will mark a turning point in the enduring alliance between our two nations" and called it "a historic achievement that will become a significant milestone."

He also joined Obama in condemning North Korea, calling on the country to "abandon its nuclear ambitions."

The U.S. and South Korea, Lee said, "speak with one voice" on the issue.

Lee's state visit, officially begun Thursday morning with a South Lawn arrival ceremony full of pomp and circumstance, gave Obama a chance to celebrate a victory after going to Seoul last November to announce a free-trade pact with Lee, only to stand with his ally empty-handed because their negotiators had not been able to finish the deal.

For Obama, it was a rare bipartisan achievement amid political gridlock heading into his re-election campaign. The president presented it as proof of his ability to make deals with the opposition.

"This trade deal, this Korea free trade act, shows we are happy to work with Republicans where they are willing to put politics behind the interests of the American people," Obama said.

The trade deal will elevate the U.S.-South Korean alliance, traditionally defined by their opposition to communist-governed North Korea. More than 28,000 U.S. troops remain based in South Korea as a deterrent.

Posted in: Press Releases