Obama, Lee laud free-trade agreement

WASHINGTON, Oct. 13 (UPI) -- President Barack Obama and South Korean President Lee Myung-bak Thursday lauded the U.S. Congress for passing a free-trade agreement between the two countries.

Speaking at a joint news conference at the White House, Obama thanked South Koreans for their service in Afghanistan and Iraq as well as their anti-piracy efforts off the African Coast and their support for democracy in Libya and across the Middle East and North Africa.

"Once a recipient of aid, South Korea has become a donor nation, supporting development from Asia to Africa," Obama said, adding he was looking forward to the Nuclear Security Summit Lee plans to convene in Seoul in March.

Lee thanked Obama for the state visit, saying, "This alliance guarantees peace, stability and prosperity on the Korean Peninsula, the Asia-Pacific Region and beyond."

Lee said he and Obama discussed Europe and the "worrying state of the global economy" and said the free-trade agreement "will create more jobs, generate more trade and stimulate our economies," adding South Korea and the United States will work to "bring back stability to our financial markets similar to what we did back in 2008."

At a state lunch later Thursday, Vice President Joe Biden and Secretary of State Hillary Clinton said the U.S.-South Korea relationship is stronger than ever.

"Our alliance has never been stronger, the enduring partnership that we have built over decades of cooperation is a symbol of security, stability, peace and prosperity," Clinton said.

"To state the obvious, this is not a new partnership but an old friendship rooted in mutual respect and shared sacrifice," Biden said. "Our alliance, forged in war, is now a cornerstone of peace, security and prosperity in northeast Asia."

Lee thanked the administration for its support in security and economic matters, and again praised Congress for passing the free-trade agreement.

"It was President Obama who was looking at his BlackBerry and broke the news" that the bill passed during their dinner Wednesday, Lee said.