Korea Submitting Plan to Renegotiate KORUS

Dan Industry News Release, Trade

renegotiateSouth Korea trade officials announced Monday the government will submit a plan to renegotiate the U.S.-Korea Free Trade Agreement (KORUS) to the nation’s National Assembly government body. South Korea’s Trade Minister met with officials from 20 ministries and government regarding KORUS, and the plans to renegotiate the trade agreement.

A senior trade official told the Korea Herald newspaper: “We hope to submit the plan to lawmakers possibly within this month.” Submitting a plan would effectively wrap up the domestic procedures needed for opening talks with Washington.

However, agriculture in both countries appears concerned to reopening the trade agreement. South Korean farmers and stock-breeders have opposed any additional market opening to the U.S., claiming they suffered substantial damage over the past five years.

Meanwhile, South Korea is the third largest importer of U.S. corn, and Korea is currently the fifth largest U.S. agricultural export market, overall.

From the National Association of Farm Broadcasting News Service.