The Ministry of Trade, Industry and Energy announced that the Ministry and the United States Trade Representative (USTR) convened the second session of the Korea-U.S. Free Trade Agreement (KORUS FTA) Joint Committee on October 4 in Washington, D.C. to continue discussions on the bilateral trade deal.
Trade Minister Kim Hyun-chong and U.S. Trade Representative Robert Lighthizer co-chaired the special session of the Joint Committee established under the KORUS FTA. Trade Minister Kim was joined by officials from other relevant ministries including the Ministry of Strategy and Finance, the Ministry of Foreign Affairs, and the Ministry of Agriculture, Food and Rural Affairs.
At the meeting, representatives continued talks on matters discussed in the first special session on August 22 in Seoul. The Korean side explained mutually beneficial outcomes of the KORUS FTA in terms of expanded bilateral trade and investment as well as the correlation between the KORUS FTA and trade balance. The USTR discussed implementation issues and potential amendments to the trade agreement.
Both sides shared an understanding of the need to amend the KORUS FTA to further improve the mutual benefits of the trade pact.
The Ministry will start domestic procedures to begin talks for potential amendments of the KORUS FTA. The domestic procedures prescribed by The Act on the Procedures for Concluding Commerce Treaties and the Implementation include an assessment on economic feasibility of a trade pact, a public hearing, and reports to the National Assembly.
* Short version