Business Leaders Push to Keep KORUS Intact

Dan Industry News Release, Trade

business leadersBusiness leaders from the U.S. and Korea are pressing South Korea and the United States to “eliminate the uncertainty” around the U.S.-Korea Free Trade Agreement, known as KORUS.

The U.S.-Korea Business Council, along with the Korea-U.S. Business Council, issued a joint statement, calling KORUS “a platform to expand bilateral trade.”

President Donald Trump has threatened to withdraw the U.S. from the agreement and Korea has agreed to a renegotiation effort by the Trump administration.

However, the two business councils, led by the U.S. Chamber of Commerce, expressed concern with the discussions, and the “limited consultation with the business community.” The statement points out the benefits of KORUS to the U.S., noting that Korean tariffs have been reduced or eliminated. U.S. exports of agricultural products such as beef and pork have increased because of the trade agreement.

From the National Association of Farm Broadcasting News Service.