South Korean officials submitted plans to renegotiate the U.S.-Korea Free Trade Agreement (KORUS) to the nation’s National Assembly yesterday. The nation’s Trade Minister met with officials from 20 ministries and governments and said South Korea will advance plans to renegotiate the trade agreement.
A senior trade official reports, “We hope to submit the plan to lawmakers, possibly, within a month.” The plan would effectively wrap-up the domestic procedures needed for opening talks with Washington.
The agriculture industries, in both countries, remain concerned about reopening the trade agreement. South Korean farmers and stock breeders oppose providing additional market opportunities to the United States, claiming the country has already suffered substantial damage over the past five years. South Korea ranks as the third largest importer of U.S. corn and fifth largest in U.S. agricultural exports overall.