DETROIT  Ford Motor said Wednesday that its new agreement with the United Automobile Workers union would save at least $500 million a year and, within several years, bring its labor costs into line with what foreign competitors pay their workers in the United States.

Ford said the deal, which U.A.W. members ratified this week, immediately reduces its “all-in” hourly rate, which includes benefits, to $55.

It said the figure would continue to decline as more workers took buyouts and as the new-vehicle market recovered, allowing increased production.

Ford’s labor costs now amount to a little more than $60 an hour, including health care for retirees. Labor costs for the so-called transplant automakers, including Toyota and Honda, have been about $49 an hour in the United States and are rising, Ford estimates.