U.S. President Barack Obama says the free trade agreement (FTA) with South Korea will be "a win-win for both countries."

Obama’s comment follows four days of talks in Maryland on the agreement that saw compromises made on a number of contentious issues, specifically in the automobile sector.

Obama said that the deal, which is expected to boost American exports to eleven billion won a year and support 70-thousand U.S. jobs, will increase access to markets for both the U.S. and South Korea.

The compromises made during the intensive negotiations last week are expected to give ratification efforts renewed vigor for the trade pact that has been awaiting congressional approval since 2007.

There are, however, persisting concerns on behalf of U.S. stock breeders about the lack of an agreement on the contentious issue of a further opening of the South Korean market to U.S. beef exports.

Trade journal Inside U.S. Trade says that Seoul and Washington have agreed to continue talks within the coming weeks on the beef issue.