South Korea opens for business

PRESIDENT Obama's enthusiasm for a "landmark trade deal" between the United States and South Korea is not hyperbole from a White House desperate for good economic news. The cheering on Capitol Hill is loud and bipartisan.

Negotiators spent three years trying to wrap up a U.S.-Korea Free Trade Agreement that foundered on automobiles and beef exports. High agricultural tariffs kept out U.S. products and denied Korean consumers access to competitive prices.

The breadth of the trade agreement, which still must be ratified by each country's lawmakers, offers huge opportunities for employment in both economies.

Tariff reductions alone are expected to increase exports of American goods to the world's 12th-largest economy by $11 billion. The agreement, with gains in manufacturing, and new opportunities for service industries — energy and environmental, financial, delivery and electronic commerce — is forecast to create 70,000 jobs.

Local voices were part of the broad chorus of support from business leaders and politicians. Washington Sen. Maria Cantwell spoke of increased opportunities with the state's fifth-largest trading partner. As an example, she noted, Washington farmers last year exported $7 million worth of cherries to South Korea despite a 25 percent tariff. Now prices will drop for Korean shoppers.

Boeing CEO Jim McNerney urged Congress to make ratification of the trade agreement a top priority. He looks for dramatic increases in a range of products. Under the agreements, duty-free access to Korean markets will include planes, automobiles, electronic goods, scientific equipment and a host of consumer goods.

Add to the list pharmaceuticals, investment and financial services and access by U.S. companies to sell goods sought by the Korean government. The U.S. entertainment industry is pleased with protections for intellectual property, transparency in copyright laws and pledges to fight piracy.

The Obama administration had the tenacity and patience to craft a deal with true economic gains, and standard-setting language and expectations for other trade agreements.

This important deal cannot — must not — fall victim to nasty partisan squabbles. Both sides appear to understand what is at stake.