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South Korea Trade Ministry Ready to Begin Renegotiating U.S. Trade Pact

Posted December 19, 2017

Under Economic Issues, International Trade Issues

(Joyce Lee – Reuters)

South Korea’s trade ministry said on Monday it had reported to parliament a plan to renegotiate the 2012 free trade agreement (FTA) with the United States after President Donald Trump threatened earlier this year to scrap the accord unless it was revised.

The trade ministry said in a statement that Monday’s report completes South Korea’s own process to begin renegotiations of the KORUS FTA, as it is known. Specific dates for renegotiations will be determined in future.

South Korea will seek to protect sensitive industries such as agriculture and livestock while formulating its approach to subjects the United States is expected to raise, including products’ country of origin, services, investment and non-tariff measures, the ministry said. Click here to read more.