Trade minister reiterates 'no renegotiation' of KORUS FTA

SEOUL, Jan. 15 (Yonhap) -- South Korea's top trade official said Friday that the
government will not respond if the United States repeats its demand to amend a
bilateral free trade accord.

"Our stance is still firm. It is impossible to renegotiate (the accord)," South
Korean Trade Minister Kim Jong-hoon said in a radio interview.
Both sides signed the KORUS FTA in 2007, but the accord has yet to be put to a
vote in either the U.S. or South Korea's legislature.
Some politicians in the U.S. have underscored the need for South Korea to
renegotiate provisions of the pact covering trade in autos and other manufactured
goods.
In particular, many Democrats believe auto provisions in the agreement strongly
favor South Korea's automakers and have demanded a renegotiation of the trade
accord on that basis
Under the free trade deal, the two sides agreed to phase out tariffs on autos,
while Seoul agreed to change its tax system for larger vehicles, which the U.S.
says is discriminatory.
At a summit in Seoul in November, U.S. President Barack Obama said several issues
still needed to be worked out before Congress can ratify a free trade agreement
with South Korea, implying the U.S. wants to resolve the auto trade imbalance
with Asia's fourth-largest economy.
In response, South Korean President Lee Myung-bak raised the possibility of
further talks on bilateral auto trade.
The accord is the largest for the U.S. since the North American Free Trade
Agreement with Canada and Mexico and the biggest ever for South Korea.
sam@yna.co.kr
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