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US, South Korea Agree to Renegotiate Free Trade Agreement

Countries expecting to wrangle over automotive rules.

by on Oct.06, 2017

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

South Korea has agreed to renegotiate a five-year-old trade agreement establishing free trade rules between the two countries and automotive trade is very likely to be at the center of discussions, observers predicted.

The American and South Korean delegations met in Washington for a second round of talks on the deal, known as the KORUS FTA, this week, according to Newsweek magazine.

Global Auto News!

“The two sides recognized the need to amend the FTA to enhance mutual benefits of the KORUS FTA,” South Korea’s trade minister, Kim Hyun-chong, who had been one the deal’s lead negotiators, said in a statement issued to media after the discussions. (more…)