Korea and the United States plan to negotiate and finalise a free trade agreement by June, even as both countries are repotedly under pressure to conclude the talks.
Tight time frame should not undermine the real purpose of talks, sources claimed.
The United States and Korea should make sure that discussions bring a balanced, reciprocal benefits, said Cheong In-kyo, economics Professor at Inha University.
Washington wants Korea to clinch trade pact before expiry of Bush administration's trade negotiation authority in July 2007.
The US Congress requires at least three months for approval.
Korea is seventh-largest trading partner of the United States after US concluded North American Free Trade Agreement with Mexico and Canada in 1994.
FTA with world's largest economy would accelerate negotiations for FTAs for Korea with other countries and boost its service sectors, including finance, health and education.
Jeong Jae-hwa, team leader of the FTA department at the Korea International Trade Association, asked negotiators to ease trade barriers and greater market access which include removing tariffs on textiles, clothing and shoes.
Korea and the United States recorded $72 billion in trade in 2004.
Once free trade deal goes into effect, Korea's exports to the United States could expand 15.1 percent, or $7.1 billion, but imports from the United States would rise as much as 39.4 percent, or $12.2 billion, the Korea Institute for International Economic Policy (KIEP) said.
Free trade pact with the United States may increase Korea's gross domestic product by almost 1.99 percent and create 104,000 jobs, the KIEP said.
Korea has an FTA with Chile and Singapore and signed one on Dec. 15 with European Free Trade Association, comprising Switzerland, Norway, Iceland and Liechtenstein which comes into effect in July.
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