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U.S. and South Korea to reexamine KORUS Friday

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The United States welcomes Korean officials to Washington, D.C. for the renegotiation of the Korea-U.S. Free Trade Agreement (KORUS).

Politico reports American and Korean officials will meet Friday to discuss ‚Äúpotential amendments and modifications‚ÄĚ to the trade agreement. The two nations agreed to reopen the pact for discussion in early October.

A South-Korea newspaper reports the United States is seeking revisions to industrial goods, services, intellectual property, investment and farm produce. Actions suggest changes will not be made to U.S. law. Thus far, the United States has not followed procedures required to pursue major changes within the deal.

The agriculture sector worries about reopening the arrangement. South Korean farmers and stock breeders oppose providing additional market opportunities. They claim the country suffered substantial damage since implementation of KORUS.

South Korea ranks third largest in U.S. corn imports and fifth largest in overall U.S. agricultural exports.