WASHINGTON - US President Barack Obama on Thursday hailed the free trade agreement between the US and the Reppublic of Korea (ROK) as "a win" for both countries, hoping the deal will help achieve his goal of doubling US exports in the current tough economic climate.

"It's a win for both our countries," Obama said at a joint press conference with visiting ROK's President Lee Myung-bak, describing the trade deal which was just passed by the US congress on Wednesday as "landmark."

"For our farmers and ranchers here in the United States, it will increase exports of agricultural products," he said. "From aerospace to electronics, it will increase American manufacturing exports, including those produced by our small businesses."

According to the US president, the deal will boost American exports by up to $11 billion and support some 70,000 American jobs.

Obama said he is pleased that the deal will "help level the playing field" for American automakers, adding that Lee will understand that just as Americans buy cars made by ROK, he hopes that ROK's people will buy more "Fords, Chryslers and Chevys."

The two leaders are scheduled to visit Michigan, the hub of the US auto industry, on Wednesday.

"It will promote green jobs and clean energy, another area where we're deepening our cooperation," Obama said. "And it keeps us on track to achieve my goals of doubling American exports."

Lee thanked Obama for his partnership in getting this deal done, which he said is good for ROK's business and jobs.

He welcomed the ratification of the free trade agreement by the US congress, saying he is confident that the South Korean National Assembly will soon ratify it.

The deal is an "historic achievement that will become a significant milestone in our 130-year relationship," said Lee. "It is a win-win agreement that will benefit both of our countries in countless ways."

"This agreement will create more jobs, generate more trade and stimulate our economies," said the ROK's president, adding that it will bring numerous benefits to the workers, the companies, the small businesses, and the consumers of his country.