U.S., South Korean officials meet on trade issues

Trade between South Korea and the U.S. totaled $66.7 billion in 2009, much lower than the $84.7 billion in 2008 as the global economy limped through a recession. 

In June, Obama said he wanted to complete the agreement to send to Congress but said it was contingent on greater access for U.S. cars and beef. 

Pressure to complete a deal is mounting after the agreement signed last month between South Korea and the European Union, which is expected to go into effect sometime next summer. 

The U.S. and South Korea reached an agreement in 2007 to cut tariffs and reduce other trade barriers after nearly a year of talks. A deal was signed, but it has gone unratified for three years by both countries.

South Korea exported 449,403 vehicles to the U.S. last year, while the U.S. exported 6,140 vehicles, according to data from auto industry groups.

That doesn’t include vehicles made in the United States by South Korea’s Hyundai Motor Co. and Kia Motors or those sold in South Korea by GM Daewoo Auto & Technology Co., the South Korean unit of General Motors Co.

The U.S. has called on South Korea to ease restrictions on beef based on the age of the cattle over concerns of mad cow disease. The U.S. has argued that the beef is safe. 

Meanwhile, two other trade deals haven’t been ratified — Panama and Colombia — that were signed during President George W. Bush’s tenure.