The US and South Korea have failed to reach a promised agreement to finalise a bilateral trade pact, in a blow to hopes that the G20 summit in Seoul can deliver more than just a rhetorical commitment to liberalising trade.
Following days of intense talks between US and South Korean trade officials, the countries’ presidents, Barack Obama and Lee Myung-bak, admitted on Thursday that they would not reach the target of resolving outstanding problems by the target date of today’s G20 meeting.
Mr Obama said he wanted the deal finished within weeks rather than months. But the setback casts doubt on whether he can push ahead with trade liberalisation – a programme critics say has largely languished in the US since his election.
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