National Assembly ratifies revised Korea-U.S. free trade deal
- 5 years ago
With the National Assembly also ratifying the revised Korea-U.S. free trade agreement on Friday, the deal could be implemented as early as January next year.
The agreement was reached in March this year,... and signed by the respective presidents in September.
In the deal, Seoul will double the cap for U.S. car imports that don't have to meet domestic standards to 50-thousand vehicles.
Washington will also extend a 25 percent tariff on Korean pickup truck imports until 2041.
Other tweaks to the deal will make it harder for foreign investors to sue the Korean government, and will increase transparency for U.S. import restrictions, such as anti-dumping and countervailing duties.
The agreement was reached in March this year,... and signed by the respective presidents in September.
In the deal, Seoul will double the cap for U.S. car imports that don't have to meet domestic standards to 50-thousand vehicles.
Washington will also extend a 25 percent tariff on Korean pickup truck imports until 2041.
Other tweaks to the deal will make it harder for foreign investors to sue the Korean government, and will increase transparency for U.S. import restrictions, such as anti-dumping and countervailing duties.