In shift, South Korea and USA to push forward on trade talks

US and South Korea agree to renegotiate 'job killer' free trade pact

US and South Korea agree to renegotiate 'job killer' free trade pact

South Korea will renegotiate free trade agreement with United States entry date: 5.10.2017 10:12 South Korea, US President Donald T After "we withdraw" signal from free trade agreement between two countries, rump announced that it will renegotiate agreement.

Negotiations between the USA and South Korea on a new free trade agreement will certainly include auto industry talks.

The US says since KORUS went into effect in March 2012, its trade deficit in goods with Korea has doubled from US$13.2bn to $27.6bn.

The statements mark a shift from an initial meeting in August, when the two sides failed to agree on next steps after Lighthizer had made demands to amend the agreement to reduce the USA trade deficit with South Korea.

The United States and South Korea have agreed to amend their five-year-old trade agreement although the deal is short on specifics.

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South Korea treats the first 25,000 USA -made vehicles imported by each manufacturer per year as compliant with local safety and testing regulations, so long as the vehicles meet US standards.

While no details have yet been made available on the specific changes the two sides might seek, Sandler, Travis & Rosenberg adds there are some indications. Trump then threatened to terminate the deal but stopped short amid strong opposition from within the White House, Congress and relevant industries, as well as heightened tensions caused by North Korea's September 3 nuclear test.

The two sides "held in-depth discussions on our respective issues of interest, and we explained the outcome of our (own) assessment (of the deal's impact)", Kim told reporters after the meeting. Their talks were led by South Korean Trade Minister Kim Hyun-chong and U.S. Trade Representative Robert Lighthizer.

"Over the long term, we expect to see balanced, economic benefits to both countries based on the South Korea-US FTA", it said.

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