The President held a summit with U.S. President Barack Obama at Cheong Wa Dae on November 11 and agreed to make concerted efforts for the ratification of the Korea-U.S. Free Trade Agreement (FTA).

The two leaders also reconfirmed their existing stance on the North Korean nuclear issue and agreed to help Pyongyang if the North shows willingness to give up its nuclear weapons.

At a joint press conference after the summit talks, the President said that the trade ministers of the two countries agreed on the need for more time to resolve the details of the KORUS FTA.  Both sides expressed hopes that they will reach an agreement in the near future, after the G20 Seoul Summit. 
 

The President(right) at summit talks with U.S. President Barack Obama on Nov. 11 at Cheong Wa Dae.

President Obama spoke of the free trade deal as a "win-win strategy" for both countries.

Obama said the KORUS FTA will strengthen export fundamentals and create 70,000 jobs in the United States, while giving Korea more access to the U.S. market and providing more choices for Korean consumers.

The two leaders agreed to strengthen the Seoul-Washington alliance to help address the North Korean nuclear and the sinking of Cheonan warship, Lee said.

They said complete, verifiable and irreversible dismantlement of Pyongyang’s nuclear weapons is a prerequisite for peace and prosperity in Northeast Asia.

Obama urged Pyongyang to fulfill its obligations so that the United States can support North Korea with economic aid and help Pyongyang become integrated into the international community.

The President said Pyongyang needs to take responsibility for the sinking of the Cheonan warship for the positive development of inter-Korean relations.