South Korea Agrees to Consider Potential KORUS Modifications With US
South Korean trade officials agreed to work with the U.S. in resolving implementation issues and discussing potential modifications to the U.S.-Korea Free Trade Agreement, an official in the economic section of the South Korean Embassy in Washington confirmed Oct. 6. “I initiated Joint Committee discussions at the direction of the President to improve outcomes under this agreement for all Americans,” U.S. Trade Representative Robert Lighthizer said in a statement. “I now look forward to intensified engagement with Korea in an expeditious manner to resolve outstanding implementation issues as well as to engage soon on amendments that will lead to fair, reciprocal trade.”
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South Korea plans to take the legal steps necessary for starting negotiations to amend the deal, which should at least entail an economic feasibility study, public hearings and reports to the South Korean Parliament, according to a report from the Wall Street Journal that referenced a statement by the South Korean Ministry of Trade, Industry and Energy. Lighthizer and South Korean Trade Minister Hyun-chong Kim co-chaired a meeting of the second KORUS special session Oct. 4 in Washington, after officials held the first special session in Seoul on Aug. 22 (see 1708180017).