Boosting U.S. FTA

[Anchor Lead]

The South Korean government has highlighted the benefits of the Korea-U.S. free trade agreement at a meeting with U.S. companies operating in South Korea. This is part of Seoul's efforts to counter U.S. President-elect Donald Trump's policy to renegotiate the trade deal.

[Pkg]

At a meeting with some 100 representatives from U.S. companies operating in South Korea, Industry and Trade Minister Joo Hyung-hwan stressed the mutual benefits of the Korea-U.S. free trade agreement, saying that the Trump administration will likely push to renegotiate the trade pact.

[Soundbite] Joo Hyung-hwan(Industry and Trade Minister)

Joo said that the launch of the Trump administration will offer new business opportunities. He also promised that South Korea will work to improve the investment environment through various efforts, including deregulation. American business people expressed concerns about uncertainties looming in the trade environment between the two countries.

[Soundbite] James Kim(The American Chamber of Commerce in Korea)

The U.S. business community agreed that it is necessary to keep the Korea-U.S. trade deal intact. However, they also called for a quick resolution of the current political instability in South Korea.

[Soundbite] Eric Thorpe(U.S. Company Head)

The South Korean government has launched joint civilian-government efforts to address a possible renegotiation of the trade pact by setting up a council on trade with the U.S., which consists of business organizations, industrial associations and think tanks.