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US, South Korea reach highly coveted trade deal (Julie Pace And Ken Thomas, 12/03/10, Associated Press)

The U.S. and South Korea have reached an agreement on America's largest trade pact in more than a decade, a highly coveted deal the Obama administration hopes will boost U.S. exports and create tens of thousands of jobs at home.

After a week of marathon negotiations, representatives from both countries broke through a stalemate Friday morning on outstanding issues related to the automobile industry, which have been a sticking point in the talks. The agreement would be the largest U.S. trade deal since the 1994 North American Free Trade Agreement, or NAFTA, with Canada and Mexico and would bolster U.S. ties with the fast-growing South Korea economy.