Korea's Trade Ministry has submitted its plan to renegotiate the Korea-US Free Trade Agreement to the National Assembly.
To come up with the plan, the Ministry for Trade, Industry, and Energy has conducted economic feasibility studies on the five-year-old deal and has gathered opinions from the agriculture and manufacturing sectors through two public hearings and 26 rounds of meetings. It covers the purpose and strategies for the renegotiations and the public hearing results.
The Trade Ministry added that it will protect the country's sensitive industries such as agriculture and livestock, and try to reach a mutually beneficial deal by touching on issues like services, investment, products' country of origin, and non-tariff measures.,
The move comes after the leaders of South Korea and the U.S. agreed to ramp up the process of amending the trade pact during their summit in Seoul last month.
Source: Arirang News
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