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South Korea, U.S. convene joint session in Seoul for possible amendments to FTA

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한미FTA 공동위원회 오늘 개최…개정 협상 '전초전' A special Joint Committee session... of the South Korea-U.S. FTA,... is currently underway here in Seoul.Officials from both sides... are discussing the possibility of amending the deal,... a culmination of President Trump's long-held vow... to renegotiate the trade pact.Yu Joonhee reports. After months of speculation and some nervous anticipation,... trade representatives from South Korea and the U.S. have finally sat down,... to discuss possible amendments to the KORUS FTA.Korea's trade minister Kim Hyun-chong and U.S. Trade Representative Robert Lighthizer,... kicked off the discussions here in Seoul, via a video-conference. It was followed by a closed-door meeting between dozens of senior trade officials representing Korea and the United States. Washington is likely to go on the offensive,... with the U.S. having requested the meeting back in early-July,... to review its perceived trade imbalance with Korea.President Trump has labeled the FTA a 'horrible' deal that has destroyed American jobs,... vowing since his run for the White House to either renegotiate or terminate the deal.On the other end, Seoul is trying tone down speculation... the meeting will be a hostile affair,... saying the talks will be a broad 'evaluation' that includes highlighting of the FTA's mutual benefits... rather than focusing solely on its shortcomings. In the five years since its implementation, Korea's surplus with the U.S. in the trade of goods... doubled from eleven-point-six billion dollars in 2011,... to over 23 billion in 2016.But Seoul has pointed out... it is counter-balanced by Washington's surplus in the services sector,... which had grown to 14 billion dollars in 2015, compared to eleven billion in 2011. Korean automakers and steelmakers are especially uneasy as the meeting takes place,... with the U.S. having already imposed anti-dumping tariffs on imported steel,... while demanding lower trade barriers on U.S. car exports. At the conclusion of today's closed-door meeting,... trade minister Kim will hold a press conference at the Seoul Government Complex, 5:30 p.m. Korea time,... to brief reporters on the progress of talks, at the end of day one.Yu Joonhee, Arirang News. Visit ‘Arirang News’ Official PagesFacebook(NEWS): http://www.facebook.com/newsarirang Homepage: http://www.arirang.com Facebook: http://www.facebook.com/arirangtv Twitter: http://twitter.com/arirangworld Instagram: http://instagram.com/arirangworld

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