U.S. envoy says S.Korea trade deal is “win-win”

SEOUL (Reuters) – The top U.S. envoy to Seoul on Tuesday
reminded South Koreans a free trade deal would be good for both
countries, a day after Seoul said it would not negotiate on
rice, one of the most contentious issues in the discussions.

The two are expected to officially start talks in May on
what would be Washington’s biggest trade negotiations in 15
years.

Marking a drawing of battle lines, South Korea’s
agricultural minister said on Monday Seoul did not plan to
strike a deal that includes provisions to increase imports of
rice.

The chief U.S. agricultural negotiator said last week Seoul
must open its rice market under any deal.

“Failure is not an option,” U.S. Ambassador to South Korea
Alexander Vershbow told a meeting at the Institute for Global
Economics.

Vershbow said the two sides should take a balanced approach
to the talks and strike a deal that could pass through the
legislatures of both countries.

He said studies indicated the deal could lift South Korea’s
gross domestic product by about 2 percent and increase the GDP
of the United States by about 0.2 percent.

“It is a real classic win-win scenario,” he said.