US, South Korea begin talks to amend trade deal

Top U.S. and South Korean trade officials on Friday wrapped up their first meeting to discuss improving the trade agreement between the two nations.

Michael Beeman, assistant U.S. Trade Representative, and Myung-hee Yoo, Korea’s director general from the Ministry of Trade, Industry and Energy, met in Washington to lay out their top priorities for amending the 2012 U.S.-Korea (KORUS) trade deal.

{mosads}During Friday’s session, the United States sought better market access for automobiles and auto parts, as well as ways to reduce its rising trade deficit with Korea.

Korea wants to settle lingering issues over the investor-state dispute settlement rules, as well as trade remedies, according to reports.

“We have much work to do to reach an agreement that serves the economic interests of the American people,” said U.S. Trade Representative Robert Lighthizer at the conclusion of the day of talks.

“Our goals are clear: we must achieve fair and reciprocal trade between our two nations,” he said.

“We will move forward as expeditiously as possible to achieve this goal.”

In September, President Trump bashed the U.S.-Korea trade deal and called it a bad agreement for the United States while sitting next to South Korean President Moon Jae-in.

Although Trump has threatened to withdraw from KORUS, Lighthizer has said he would rather work on improving the deal.

Since the deal went into effect nearly six years ago, trade has grown between the two nations. But South Korea’s goods imports have risen at a faster pace than U.S. exports, according to data from Lighthizer’s office.

The trading partners convened two specials sessions of the KORUS Joint Committee, on Aug. 22 and Oct. 4.