김동연 "한미 FTA, 국익 최우선에 두고 협상 임할 것
The bilateral free trade agreement between South Korea and the United States has become a source of friction between the allies ever since President Trump stepped foot in the White House.
Given Trump's feelings toward the deal,... a renegotiation appears inevitable.
With concerns rising Seoul might get the short end of the stick,... South Korea's finance chief did his best on Wednesday to assure various sectors that talks will be carried out with the country's best interests in mind.
Kim Hyesung has the details.
Korea's national interest will be the top priority when it comes to renegotiating the Korea-U.S. Free Trade Agreement.
That's what Finance Minister Kim Dong-yeon said at an economic-related ministers' meeting Wednesday, insisting Seoul will reflect the interests of the country's industrial and agricultural sectors while taking the whole economy into consideration.
To come up with a renegotiation plan, the Trade Ministry has conducted economic feasibility studies on the FTA and has gathered opinion from the agricultural and manufacturing sectors through two public hearings and 26 rounds of meetings.
According to government data, Korea's trade surplus with the U.S. reached a peak of 25.8 billion U.S. dollars in 2015, but it has been dropping since.
It’s expected to fall below the 20 billion dollar mark by the end of this year, a low not seen since 2012.
The Trade Ministry says the report will be submitted to the National Assembly this month, finalizing the last domestic legal process to start FTA renegotiations.
This comes after the leaders of South Korea and the U.S. agreed to speed up the process of amending the trade pact during their summit in Seoul in early November.
But to kick start renegotiations, the Trump Administration has to go through its own domestic process.
It's required to send a letter notifying Congress that it intends to launch official talks 90 days before the start of renegotiations, hold public hearings and disclose its goal.
Kim Hyesung, Arirang News.
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