The U.S. Secretary of Commerce has spoken out on the upcoming renegotiation of the Korea-U.S.
free trade deal.
In a keynote speech at a forum in Washington on Tuesday, Wilbur Ross said the automobile
sector would be one of the key issues under discussion.
Cha Sang-mi reports.
The U.S. Secretary of Commerce, Wilbur Ross, delivered a keynote address on Tuesday on
the opportunities and challenges in promoting free and fair trade between South Korea and
the U.S.
The address was part of a forum on Korea-U.S. partnership in the Trans-Pacific Century,
co-hosted in Washington by the Atlantic Council and the Korea Foundation.
Ross expressed his wish for a satisfying result from a successful renegotiation of the five-year-old
KORUS Free Trade Agreement between the two countries.
He said the renegotiation schedule depends on South Korea, but it is still too early
to discuss as it hasn't taken off yet.
He said Washington sees the "automotive deficit" as the most crucial part of the U.S. trade
deficit with South Korea, and a priority during the trade negotiations, as South Korea imposes
(quote) "very different standards" on American cars and allows a small quota for car imports
that don't have to meet those standards.
He claimed that Korean requirements for American car imports aren't "reasonable in the overall
scheme of things".
Ross also mentioned the security alliance between the two nations, saying that trade
and security are two distinct issues, and called on the U.S. to be fully devoted in
tackling North Korean provocations.
In terms of trade policies, Ross said the Trump administration aims to reduce the U.S.
trade deficit and underscored the wish for a "free, fair, and reciprocal trade."
He added that this is a warning for any country involved in unfair trade, bringing up the
recent U.S. safeguard measures taken toward Samsung and LG's Korean-made washers.
Cha Sang-mi, Arirang News.
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