U.S., Korea Remain at Odds on Updating Free Trade Agreement
USAgNet - 08/28/2017
South Korea refuses to accept the U.S. call for "trade imbalance resolution, full implementation of the existing FTA and modification and amendment of the current deal." South Korea walked away from Tuesday's talks, saying it needs further "investigation,
analysis and evaluation" before making any decision.
The National Pork Producers Council has emphasized to the Trump administration the importance of KORUS and the detrimental effect on U.S. pork producers of reverting to pre-KORUS tariffs, which likely would cause the U.S. pork industry to lose the
South Korean market to the European Union, Chile and other countries that have preferential trade access.
It would be a costly loss: For the 12-month period ending May 2017, U.S. pork exports to South Korea were $444 million, making the Asian nation the No. 5 export market for U.S. pork. Talks between the United States and South Korea are expected to
continue over the coming weeks.