Korea Sends KORUS Analysis, Says No to Opening Ag Trade

Dan Industry News Release, Trade

korusA review of the U.S.-Korea Free Trade (KORUS) Agreement by South Korea claims to show little basis to support the U.S. desire for renegotiation.

A South Korea-based newspaper reports that Korea submitted an analysis to Washington, D.C. showing that preferential U.S. duties as part of KORUS had almost no direct effect on the increase in South Korean exports to the U.S. over the past five years.

The findings indicate that the effects of preferential duties were not statistically significant for 11 of the items, including automobiles, steel, general machinery, and agriculture products. The report follows an announcement by South Korea last week saying the renegotiation will have to focus on other areas instead of agriculture.

Korea’s Trade Minister said South Korea would “consider all possibilities, including no deal being reached.” He also reported that the demands by the U.S. for additional openness in the agricultural sector are something “completely unacceptable.”

From the National Association of Farm Broadcasting News Service.