2010-11-11 13:51

SEOUL - The United States and South Korea failed to reach an agreement on a stalled free trade deal on Thursday, jeopardising the pact signed three years ago and dealing an embarrassing blow to both countries.

"We agreed that more time is needed to resolve detailed issues and asked trade ministers to reach a mutually acceptable deal as soon as possible," South Korean President Lee Myung-bak told a news conference with US President Barack Obama.

Obama said he was confident the free trade deal would be agreed after further talks.

The two sides have been working frantically to address US congressional and industry concerns that the deal signed in 2007 did not do enough to open South Korean markets to US cars and beef.