SEOUL, South Korea (AP) -- South Korea's trade chief urged Washington on Tuesday to implement a stalled free trade deal, warning the U.S. could lose several hundred thousand jobs if it fails to act and Seoul's agreement with the European Union takes effect.

"I think the package overall is a very good deal for both of us," Trade Minister Kim Jong-hoon said of South Korea's agreement with the United States. He cited a recent U.S. study suggesting the country could lose nearly 350,000 jobs if it does not ratify and implement the deal with South Korea while Europe and others do. "That's a big loss," he said.

Kim, who was speaking to European business executives, said he expects the EU agreement take effect sometime next year.

South Korea, which has a national policy of pursuing free trade agreements, has reached deals with Brussels and Washington, though both have yet to be ratified. The accord with the U.S., signed more than two years ago, is stuck in political limbo amid dissatisfaction in Washington over a yawning gap in auto trade between the two countries.

South Korea has said it is not open to any new negotiations with the U.S. over the deal, though President Lee Myung-bak said last week during a press conference with President Barack Obama that Seoul was willing to discuss the auto issue.

Kim said Tuesday that Lee's remarks should not be seen as a willingness to reconsider the agreement.

"Renegotiation is not an option for me, for my government, no," Kim told reporters after his appearance before the European Union Chamber of Commerce in Korea. He said it would be akin to opening a "Pandora's Box."

Two-way trade between South Korea and the U.S. came to $84.8 billion in 2008, making the U.S. Seoul's fourth-biggest trading partner after China, the European Union and Japan. Bilateral trade between South Korea and the 27-nation EU came to $98.4 billion.

South Korea has huge surpluses in auto trade with both the U.S. and the EU.

Figures from auto industry groups in South Korea show that it exported 598,126 vehicles to the U.S. in 2008, while purchasing 6,980 made by American manufacturers. Figures also show the country bought 32,756 vehicles from EU states last year, while exporting 408,934 vehicles to them.

South Korea has free trade agreements in force with Chile, the 10-member Association of Southeast Asian Nations and the European Free Trade Association, which comprises Switzerland, Iceland, Liechtenstein and Norway. It has ratified an agreement with India that is expected to take effect early next year and is negotiating deals with 11 countries, including Canada, Mexico, Peru, Australia and New Zealand.