• / Free eNewsletters & Magazine
  • / My Account
Home>U.S., South Korea agree to revise 5-year-old trade agreement

U.S., South Korea agree to revise 5-year-old trade agreement

U.S., South Korea agree to revise 5-year-old trade agreement

10/05/2017

By William Mauldin and Kwanwoo Jun

Changes not specified, but talks to continue

The top U.S. and Korean trade officials agreed Wednesday on a path to make changes to the countries' trade agreement, a five-year-old pact that has been a target of criticism from President Donald Trump.

U.S. trade representative Robert Lighthizer and Korean Trade Minister Kim Hyun-chong met in Washington and began a process to amend the agreement, known as the U.S.-Korea Free Trade Agreement, which lowered tariffs between the two countries and set commercial rules of the road. Neither side specified what changes would be sought to the pact, known as Korus.

"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," Lighthizer said in a statement.

"As a result of the discussions, both sides shared an understanding of the need to amend the free-trade agreement to further strengthen the mutual benefits," Korea's trade ministry said in a statement.

An expanded version of this report appears on WSJ.com (https://www.wsj.com/articles/u-s-korean-officials-agree-to-amend-trade-deal-trump-disparaged-1507160511?mod=mktw).

Also popular on WSJ.com:

©2017 Morningstar Advisor. All right reserved.