U.S. Assistant Secretary of State for East Asian and Pacific Affairs Kurt Campbell has stressed that Seoul and Washington “cannot afford to fail” in their talks to settle disagreements about a bilateral free trade accord.
Campbell made the statement on Monday during a forum at the Peterson Institute for International Economics in Washington.
Campbell said that both sides clearly understand the importance of the free trade agreement (FTA) and its urgency, adding that at a strategic level, now is the best possible time to make a decision on the trade accord.
Campbell’s statement comes after U.S. President Barack Obama instructed U.S. Trade Representative Ron Kirk earlier in June to complete talks with South Korea over contentious issues related to the trade accord before the president attends the G20 summit in Seoul next month.
President Lee Myung-bak and Obama agreed earlier in May to work to ratify the trade deal before the G20 summit through working-level consultations. However, differences remain, particularly in the areas of beef and autos.