Chevron, one of the largest U.S. investors in South Korea, hailed a free-trade agreement negotiated between the U.S. and South Korean presidents.
U.S. and South Korean trade negotiators Friday said they had overcome the stumbling blocks of automobile imports and exports, one of the issues that caused earlier U.S. proposals to fail to find support in Congress.
U.S. President Barack Obama said Saturday that a free-trade agreement with South Korea would create 70,000 U.S. jobs and increase exports by $11 billion per year.
The new agreement calls for the United States to phase out a 2.5 percent tariff on Korean automobiles during a five-year period.
U.S. super major Chevron said it was pleased by the agreement, adding in a statement that "it looks forward to continue working to ensure expeditious congressional approval."
Chevron notes it was a founding member of the U.S.-South Korea Free Trade Agreement Business Coalition, adding it worked alongside U.S. negotiators to make sure "strong investment protections were maintained."
U.S. and South Korean trade negotiators Friday said they had overcome the stumbling blocks of automobile imports and exports, one of the issues that caused earlier U.S. proposals to fail to find support in Congress.
U.S. President Barack Obama said Saturday that a free-trade agreement with South Korea would create 70,000 U.S. jobs and increase exports by $11 billion per year.
The new agreement calls for the United States to phase out a 2.5 percent tariff on Korean automobiles during a five-year period.
U.S. super major Chevron said it was pleased by the agreement, adding in a statement that "it looks forward to continue working to ensure expeditious congressional approval."
Chevron notes it was a founding member of the U.S.-South Korea Free Trade Agreement Business Coalition, adding it worked alongside U.S. negotiators to make sure "strong investment protections were maintained."
