(Yoon Ja-young – Korea Times)
The trade ministry has suggested holding talks on the U.S.-initiated renegotiations over the Korea-U.S. Free Trade Agreement (KORUS FTA) in Seoul soon after government restructuring is completed.
In a letter sent to U.S. Trade Representative Robert Lighthizer, Trade, Industry and Energy Minister Paik Un-gyu said that the Seoul government is aware of Washington’s concerns over its trade deficit in goods with Korea.
He stated that Korea is “willing to engage in constructive discussions on ways to foster an expanded and balanced bilateral economic and trade relationship.”
Following U.S. President Donald Trump’s continuous pressure that the bilateral deal should be renegotiated to lessen his country’s trade deficit with Korea, the USTR requested convening “a special joint committee meeting under the KORUS FTA to start the process of negotiations to remove barriers to U.S. trade and consider needed amendments to the agreement.” Click here to read more.