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The agreement does not address issues with U.S. beef exports. The U.S. has sought greater access to the beef market in South Korea, which restricts imports of older U.S. meat. Obama said issues related to beef would continue to be worked on.

The overall agreement would eliminate tariffs on more than 95 percent of industrial and consumer goods within five years. The U.S. International Trade Commission estimated that would increase exports of U.S. goods by at least $10 billion. The deal would also open up South Korea’s vast $560 billion services markets to U.S. companies.

Associated Press writers Erica Werner in Washington and Kelly Olsen and Kim Kwang-Tae in Seoul contributed to this report.