- Korea, U.S. reach revised free trade agreement in principle 2018-11-22
Seoul, Korea - The Ministry of Trade, Industry and Energy announced on March 26 that the Republic of Korea and the United States reached an agreement in principle to the revision of the Korea-U.S. Free Trade Agreement.
The agreement reached between the two sides has removed the uncertainty that could result from long-term negotiations. Both sides will finalize the details of a draft agreement before proceeding with their respective domestic procedures.
The two countries also agreed to exempt the Republic of Korea from the U.S. steel tariffs under Section 232 of the Trade Expansion Act.
The Korean government will provide support to local steel manufacturers in obtaining production exclusions based on the product exclusion process that will be released by the U.S. Department of Commerce.