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South Korea Signals Willingness to Amend KORUS

Thursday, October 12, 2017

(North American Meat Institute)

The U.S. and South Korea agreed to address implementation issues with, and amendments to, the U.S.-South Korea Free Trade Agreement (KORUS) after top trade officials from both countries met last week in Washington, DC. This decision marks a shift since August, when talks stalled after U.S. negotiators sought to renegotiate KORUS to address the country's current trade deficit with South Korea. The South Korean government will now begin consultations with its legislature and other interested parties - a process expected to include an economic assessment and public hearings, among other elements - to reach an agreement that is "mutally beneficial" to both countries. A third round of talks between negotiators from the U.S. and South Korea will likely be scheduled in the coming weeks.

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