South Korea, U.S. disclose revised clauses of KORUS FTA
- 6 years ago
The revision clauses of the South Korea-U.S. free trade deal have been made public.
The South Korean government plans to conclude all necessary steps before submitting the amendment to the National Assembly for ratification by early next year.
Kim Hyo-sun reports.
The full text of the KORUS FTA amendment that was agreed upon by Seoul and Washington in March has been disclosed online.
South Korea's Ministry of Trade, Industry and Energy explained that no changes have been made to the negotiation results that were previously revealed,... adding it will collect public opinion on the revised clauses until next Monday,... in accordance to the country's trade law.
Under the revised agreement,... the U.S. will extend tariffs on imports of Korean pickup trucks by another 20 years to the year 2041.
Seoul made it clear in the amendment that safeguard measures be made to prevent potential abuse of the arbitration procedures by multinational companies in accordance to the investor-state dispute settlement system.
It also includes clauses to improve transparency of anti-dumping and countervailing duties imposed by the U.S.
The ministry now aims to complete all necessary procedures to have the National Assembly ratify the amendment by end of this year.
"We can carry out the necessary steps leading up to the signing of the amendment, but its ratification is the National Assembly's responsibility. Therefore, we hope lawmakers can swiftly and smoothly ratify the amendment."
It remains to be seen whether the revised trade pact can improve trade conditions with the U.S. as promised by the South Korean government.
Kim Hyo-sun, Arirang News.
The South Korean government plans to conclude all necessary steps before submitting the amendment to the National Assembly for ratification by early next year.
Kim Hyo-sun reports.
The full text of the KORUS FTA amendment that was agreed upon by Seoul and Washington in March has been disclosed online.
South Korea's Ministry of Trade, Industry and Energy explained that no changes have been made to the negotiation results that were previously revealed,... adding it will collect public opinion on the revised clauses until next Monday,... in accordance to the country's trade law.
Under the revised agreement,... the U.S. will extend tariffs on imports of Korean pickup trucks by another 20 years to the year 2041.
Seoul made it clear in the amendment that safeguard measures be made to prevent potential abuse of the arbitration procedures by multinational companies in accordance to the investor-state dispute settlement system.
It also includes clauses to improve transparency of anti-dumping and countervailing duties imposed by the U.S.
The ministry now aims to complete all necessary procedures to have the National Assembly ratify the amendment by end of this year.
"We can carry out the necessary steps leading up to the signing of the amendment, but its ratification is the National Assembly's responsibility. Therefore, we hope lawmakers can swiftly and smoothly ratify the amendment."
It remains to be seen whether the revised trade pact can improve trade conditions with the U.S. as promised by the South Korean government.
Kim Hyo-sun, Arirang News.