Tradelines News

Get the latest news and updates on cross-border customs and international trade.

S. Korea Toughens Stance on Free Trade Deal as U.S. Threatens to Scrap KORUS

Posted October 11, 2017

Under Economic Issues, International Trade Issues


(Liu Xin – Xinhua)

South Korea took a toughened stance on the free trade accord with the United States Wednesday after the U.S. side threatened to scrap the South Korea-U.S. Free Trade Agreement (KORUS FTA).

Seoul’s trade ministry said it also had a playing card to annul the KORUS FTA just as the U.S. side had.

According to a written reply to a lawmaker of the centrist People’s Party who serves on the parliamentary committee of trade, industry, energy and small and venture companies, the Ministry of Trade, Industry and Energy said it always kept in mind the point that the annulment is not a unilateral negotiating card, but a card both nations have.

The written answer was delivered to the opposition lawmaker ahead of the parliamentary inspection of the ministry scheduled for Friday, according to local media reports. Click here to read more.

Related: Trade Imbalances Between Seoul, Washington Could Worsen Without FTA: Business Leaders (Yonhap News)