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The U.S. says Korea's Fair Trade Commission, which handles antitrust issues, denies U.S. companies “due process rights under the agreement that are necessary to secure a fair competition hearing.”
A trade deal with Tokyo that covers agriculture is feasible “in the next few months,” U.S. Trade Representative Robert Lighthizer told the Senate Finance Committee on Tuesday, with “across-the-board” issues to be addressed later.
Months after the signing of a revised U.S.-Korea Free Trade Agreement, the Office of the U.S. Trade Representative is requesting consultations with Seoul over concerns about practices endorsed by the Korea Free Trade Commission and changes the country is mulling to its monopoly law.
“Look beyond KORUS,” the Asia Society Policy Institute recommends.
South Korea should be prepared to challenge national security-based import restrictions on Korean autos and auto parts at the World Trade Organization and elsewhere because such duties are “not logical,” a former senior Korean trade official said on Wednesday.
“The main compliment of the KORUS FTA was on the automobile sector. And to be frank, we don’t think it makes much sense if it applies to Korea because we accommodated most of the demands on the U.S. side on automobiles.”
The Trump administration will have its hands full in 2019, with new talks slated to begin with Brussels, Tokyo, London and potentially more, as well as the implementation of a revised deal with South Korea. The fate of the U.S.-Mexico -Canada Agreement will also be determined next year by a new Congress.
USTR: “Great news today! ... This improved deal is a great achievement for our nations and workers.”
Washington and Seoul will hold consultations under the auspices of the U.S.-Korea Free Trade Agreement to discuss revising the rules of origin for textile products that are not commercially available in either country.
Washington and Seoul will hold consultations under the auspices of the U.S.-Korea Free Trade Agreement to discuss revising the rules of origin for textile products that are not commercially available in either country.
“As we have reflected the U.S. concerns in the auto sector in the revised KORUS FTA, we will put utmost efforts to get relief from the U.S. auto tariffs based on the agreement.”
“This is long in coming,” Trump said. “Many years, actually, I will say, in coming.”
President Trump on Monday will sign a retooled U.S.-Korea Free Trade Agreement in New York, according to the White House.
Rules of origin governing whether some chemicals will be eligible for benefits under a new U.S.-Mexico trade pact are more flexible than provisions in the North American Free Trade Agreement, sources said, adding the new rules are akin to those included in the U.S.-Korea Free Trade Agreement.
“The deal is done, it's been done with South Korea for a long time, it's been done for about two months, and we'll do a ceremonial signing over the next very short period of time.”
The U.S. and South Korea, in their talks on how to modify the U.S.-Korea Free Trade Agreement, agreed to establish panels to monitor rules of origin and investment issues, according to documents released this week.
USTR said the documents outline the “amendments and modifications to KORUS as well as additional agreements and understandings to improve implementation of the trade pact.”
The U.S. on Wednesday amended a controversial Section 232 process to allow companies from countries that agreed to separate quota deals for steel and aluminum to apply for product exclusions.