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U.S., South Korean Sign Revamped KORUS Trade Deal
USAgNet - 09/25/2018

President Donald Trump and South Korean President Moon Jae-In finalized updates to the Korea-U.S. Free Trade Agreement (KORUS) during a signing ceremony Monday at U.N. Headquarters in New York.

The finalized updates, agreed to on the sidelines of the U.S. General Assembly meeting, come after an agreement in principle has remained pending for about six months.

Trump had cited holding up KORUS as leverage in ensuring strong alignment between Washington and Seoul in pursuing North Korean denuclearization.

The Office of the U.S. Trade Representative and government of South Korea on Sept. 3 released the text of agreed KORUS amendments, which include several revamped customs guidelines, provisions to prevent Korean discrimination against U.S. pharmaceutical exports, and a doubling of the amount of cars--from 25,000 to 50,000--the U.S. can export to South Korea without being subject to the country’s more stringent safety regulations.

Some provisions are not subject to further legal procedures and can be implemented immediately, including customs and pharmaceutical text, a USTR official said in an email.

U.S. Secretary of Agriculture Sonny Perdue said the new KORUS agreement is a better deal for the entire United States economy, including the agricultural sector.

"This represents an important improvement in trade relations between our two nations, building on long-standing cooperation we have enjoyed," he said. "This agreement adds to the momentum building for President Trump's approach to trade, which is to stand strong for America's interests and strike better deals. I am optimistic that the dominoes will continue to fall: KORUS, then a new NAFTA, and new agreements with the European Union, Japan, and, most notably, China."

KORUS has been in effect since March 2012.


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