South Korea and US in trade talks

Not everyone is in favour of a free trade deal

South Korea and the US are in the final round of free trade talks, trying to reach a deal before a looming deadline.

US presidential powers to fast track trade deals ends at the end of March, making agreement all the more urgent.

Since talks started on Thursday they have agreed to streamline customs and anti-trust rules, but farming and automobiles remain contentious issues.

Hundreds of South Koreans have protested in Seoul arguing that a trade deal could threaten their livelihoods.

Seoul wants the US to immediately end tariffs that are imposed on South Korean automobiles imported to the US.

Automobiles represented the single largest industry for two way trade between the two nations in 2005, with the Asian country exporting 709,000 vehicles and importing 5,500.

Meanwhile, the US wants restrictions on imports of US beef to be lifted.

Trade representative Wendy Cutler, the key negotiator in the talks, has said a free trade deal could only be possible if the beef market was fully reopened.

South Korea, which was formerly the third largest buyer of US beef banned the good following mad-cow disease fears.

Imports resumed last September but South Korea has stopped deliveries containing bone chips.

Fast track

Trade between the two countries reached $72bn (£37bn) in 2005 and those in favour of a trade deal say it would help economic growth.

If the two sides are unable to reach a trade agreement before the end of March, it looks like talks will remain stalled.

George W Bush's Trade Promotion Authority, a so called 'fast track' power, ends on 1 July, but any agreements must be reached 90 days beforehand - which falls at the end of this month.

The special power enables Mr Bush to send trade pacts to Congress, for a straight yes or no vote, but amendments are not allowed.