14 Oct 2011

US congress agrees three long-delayed free trade pacts

5:02 pm on 14 October 2011

The United States congress has approved long-delayed free trade agreements with Colombia, Panama and South Korea.

The three pacts were voted in quick succession on Wednesday by both houses of congress.

President Obama says the pacts are "a major win for American workers and businesses" - with the South Korean pact alone expected to increase US exports to the Asian economy by as much as US$10 billion.

"Tonight's vote, with bipartisan support, will significantly boost exports that bear the proud label 'Made in America', support tens of thousands of good-paying American jobs and protect labour rights, the environment and intellectual property," he said in a statement.

The BBC reports that the free-trade deal with South Korea is the largest US trade pact since it signed the North American Free Trade Agreement in 1994.

The pact still needs the approval of the South Korean parliament.