U.S. and South Korea reach agreement on revising FTA
2018-03-29 17:19:32 [Print]
On March 28th, minister of Ministry of industry and commerce of the republic of Korea and the United States trade representative issued a joint declaration that the two parties have reached an agreement ("the Agreement") on revising FTA, effective May 1st
. According to the Agreement, South Korea lowered the threshold for U . S . car to enter the Korean market . As the third largest exporter of steel to the United States, South Korea will be exempt from high tariffs, but South Korea's steel exports to the United States must not exceed 2 . 7 million tons per year . In addition, Treasury Department of United States is working with South Korea on an agreement to prevent South Korea from deliberately weakening its currency.