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South Korea and the United States on Tuesday launched the first special session of the Joint Committee under the South Korea-U.S. Free Trade Agreement (KORUS).
South Korean Trade Minister Kim Hyun-chong and U.S. Trade Representative Robert Lighthizer opened the session via a video conference earlier in the day, according to the Ministry of Trade, Industry and Energy.
The trade representatives made speeches to tell each side what they want from each other in the free trade accord, which came into force in 2012.
It was followed by negotiations between trade officials from the two countries, which were under way at a hotel in central Seoul.
The South Korean trade minister will hold a press conference at 5:30 p.m. local time (0830 GMT) to explain the first negotiations on the bilateral FTA.
The special session was requested by the United States on July 12 to address what Washington called a significant trade imbalance through possible "amendments" and "modifications."
Before the request, U.S. President Donald Trump described the KORUS FTA as a "horrible deal," vowing to put things right by "renegotiating" the deal.
Marking 100 days in office last week, South Korean President Moon Jae-in told a press conference that the KORUS FTA has benefited both countries and his administration had no reason to hold back in talks with Washington over amendments to the deal.
"The negotiations will be a long process, and we also need ratification and approval from the National Assembly. It is not desirable to fuss over the U.S. demand for revision negotiations," said Moon.
(ASIA PACIFIC DAILY)
