The U.S. Congress has balked at approving the deal because of concerns about limited access for U.S. beef and autos.
President Barack Obama and South Korean President Lee Myung-bak said trade ministers have been given extra time to work out technical issues, according to a White House transcript of their press briefing.
Obama called conclusion of a trade deal 'a win-win' that would increase U.S. exports by about $10 billion and support 70,000 jobs, and give Korea more access to the U.S. market and to American products.
Ford Motor Co. took out advertisements in U.S. newspapers explaining that it cannot support the U.S.-Korea Free Trade Agreement unless fixes are made because 'it would allow Korea to remain one of the most closed automotive markets in the world.'
For every 52 cars Korea ships to the United States, American automakers can only export one there. Overall, less than 5 percent of all cars sold in Korea are made outside of the country, Ford said. ' Eric Kulisch
