Business
14:19, 18-Dec-2017
South Korea ready to begin renegotiating US trade pact
["other","South Korea"]
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South Korea’s trade ministry said on Monday it had reported a plan to parliament that aims 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 ministry said in a statement that Monday’s report completes South Korea’s own process of beginning the KORUS FTA re-negotiations. Specific dates for the re-negotiations 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.
Trump has complained about the current US trade deficit with South Korea, while South Korean President Moon Jae-in has said the KORUS FTA benefits both countries by expanding their trade.
Moon has said the US trade deficit with South Korea was limited to products and was shrinking, while South Korea continued to post large trade deficits with the United States in the service sector.
Source(s): Reuters