South Korea ready to begin renegotiating US free trade deal

Jonathan Ernst | Reuters

President Donald Trump shares a toast during a state dinner hosted by South Korea’s President Moon Jae-in at the Blue House in Seoul, South Korea November 7, 2017.

The trade ministry said in a statement that Monday’s report completes South Korea’s own process to begin renegotiations of the KORUS FTA, as it is known.

Specific dates for renegotiations will be determined in future. South Korea will seek to protect sensitive industries such as agriculture and livestock while formulating its approach to subjects the United States is expected to raise, including products’ country of origin, services, investment and non-tariff measures, the ministry said.

Trump has complained about current U.S. trade deficit with South Korea, while South Korean President Moon Jae-in has said the Korea-U.S. FTA benefits both countries by expanding their trade.

Moon has said the U.S trade deficit with South Korea was limited to products and was shrinking while South Korea continued to post large trade deficits with the United States in the service sector.