FTA Committee

[Anchor Lead]

The South Korean government has replied to Washington’s offer to set up a joint committee on revising the Korea-U.S. bilateral free trade agreement. The Korean government proposed establishing the committee after its government overhaul and for the talks to take place in Seoul rather than in Washington.

[Pkg]

The U.S. Trade Representative sent a letter to the South Korean government on July 13th, proposing discussions on the revision of the bilateral free trade agreement. Seoul responded more than ten days later. The decision was drawn shortly after the new minister of Trade, Industry and Energy took office. In its reply, the ministry said that it is aware of Washington's concerns over the trade deficit and is willing to discuss ways to promote bilateral economic and trade relations in a more balanced way. However, the ministry offered to hold the discussions at an appropriate time after the government overhaul. The U.S. government initially proposed holding talks in Washington, but the Korean government said they should be held first in Seoul according to the agreement. The ministry also added that the Korea-U.S. FTA represents the balance of interests of the two nations and that its efficacy must be surveyed and evaluated in an objective way.

[Soundbite] Paik Un-kyu(Minister of Trade, Industry and Energy) : "We will respond to the U.S.' demand to revise the bilateral FTA in a confident way in line with our nation's interests and balance of profits."

The Korean government seeks to find a solution to the trade imbalance between the two countries through the joint committee discussions to eliminate the need to discuss the revision of the free trade deal.