The Korea International Trade Association (KITA) announced that its chairman Kim In-ho and U.S. House Foreign Affairs Committee Chairman Ed Royce adopted a joint statement on August 29 during the latter’s visit to South Korea.According to the joint statement, the U.S. and South Korean business commu
The Korea International Trade Association (KITA) held a meeting on August 24 in order to cope with KORUS FTA renegotiation. “The U.S. trade policy advisory committee consisting of private industry representatives already submitted its opinions on the KORUS FTA to the administration,” said KITA Chair
The US auto industry is strongly demanding the revision of the Korea-US Free Trade Agreement (FTA). Both Korea and the US will start discussion on the revision of the agreement on FTA revision on a full scale on August 22.According to the automobile industry on August 21, the US American Automotive
South Korea and the United States entered into formal discussions to decide whether to revise the Korea-US FTA.The Ministry of Trade, Industry and Energy of Korea and the US Trade Representative (USTR) announced on August 18 that they will hold a special session of the Joint Korea-US Free Trade Agre
A recent study said the Korea-U.S. free trade agreement (KORUS FTA) may not be the cause of the rapid increase in South Korea’s exports to the U.S. after the FTA has come into effect.According to a report titled “Review of the Korea-U.S. FTA Effects on Manufacturing Industry” released by the Korea I
The United States is poles apart on the assessment of the South Korea-US Free Trade Agreement (KORUS FTA) depending on the industry.As the U.S. government claims the KORUS FTA only benefits South Korea and the South Korean government argues it benefits both sides, the U.S. interest groups are also v
The U.S. International Trade Commission (USITC) unanimously determined on July 17 that the fine denier polyester staple fibers produced in South Korea, China, Taiwan and India are negatively affecting producers in the United States. The U.S. Department of Commerce is planning to conduct additional i
U.S. Grains Council (USGC) Chairman Chip Councell said in a recent interview that South Korea is a reliable partner for the agricultural industry of the United States and the KORUS FTA has been reciprocal for American farmers and agricultural enterprises since its beginning.His remark is the first r
The US government officially began to demand negotiations on amending the Korea-US Free Trade Agreement (FTA) with Korea.The US Trade Representative (USTR) informed the South Korean government on that, under the direction of President Donald Trump, the US requested a special joint committee to be he
Kevin Brady, chairman of the U.S. House Committee on Ways and Means, recently said that the Donald Trump administration should have a robust and rigorous consultation with the U.S. Congress in compliance with the Trade Promotion Authority (TPA) with regard to KORUS FTA renegotiation.He also pointed
GM Korea announced on July 3 that its president James Kim will resign from his position next month to lead the American Chamber of Commerce in Korea. “During the past two years, he has made a great contribution to an increase in sales in the South Korean market, brand awareness enhancement, and cust
U.S. President Donald Trump put pressure on the South Korean government for KORUS FTA renegotiation during his recent summit meeting with South Korean President Moon Jae-in. Under the circumstances, South Korean automakers and steelmakers are forecast to take a hit.The automakers are claiming that t
Peterson Institute for International Economics (PIIE) senior fellow Jeffrey Schott said on June 29 that the KORUS FTA is one of the best FTAs in the world.This remark is supported by specific data comparing the periods preceding and following the implementation of the KORUS FTA in 2011 to each other
After the first summit meeting between South Korean President Moon Jae-in and U.S. President Donald Trump, the White House and the Blue House made different announcements on KORUS FTA renegotiation. The former mentioned the organization of a committee for renegotiation whereas the latter said that t
The American Chamber of Commerce in Korea (AMCHAM) floated the idea that President Moon Jae-in announce a $10 billion (11.2 trillion won) "Buy American Fund" in a joint statement with US President Donald Trump during his visit to the United States to ease pressure for a renegotiation of the Korea-U.
The Korea Institute for Industrial Economics & Trade said on June 4 that a decline in exports from the United States to South Korea is predicted to exceed a decline in exports from South Korea to the United States in the event of termination of the KORUS FTA.“Given the industrial export-import struc
U.S. President Donald Trump mentioned the possibility of renegotiation or cancellation of the KORUS FTA during his interview with Reuters on April 27.According to the Korea Economic Research Institute, such a measure is estimated to result in South Korea’s export loss of US$6.6 billion to US$17 bill
South Korean Deputy Prime Minister Yoo Il-ho visited Washington D.C. on April 22 (local time) for the G20 Financial Ministers and Central Bank Governors Meeting and the Spring Meetings of the IMF and the World Bank. There, he mentioned that the South Korean government is likely to adjust its nationa
US Vice President Mike Pence said on April 18 Washington will “review and reform” the free trade pact with Seoul, citing growing trade deficits and “too many barriers” to US businesses."Most concerning is the fact that the U.S. trade deficit with South Korea has more than doubled since the KORUS cam
Former Hyundai Research Institute CEO Ha Tae-hyung remarked at a recent seminar that revision of the KORUS FTA is likely to be rather limited and the South Korean government can add energy trade to the revision of the agreement.His view is contrary to that of many others, who are considering that re