A revised KORUS Free Trade Agreement
Goes into Force on January 1, 2019
KORUS, the free trade agreement between South Korea and United States of America, has been revised and in full effect on January 1, 2019 after the two countries began talks on amendments a year ago.
According to The Pulse News, “The official exchange comes a year after Korea and the U.S. kicked off negotiations to revise the original free trade deal that took effect in 2012 upon the request of the U.S. administration complaining about the country’s growing trade deficit with Korea.”
“The revised pact also allows the U.S. to double the number of vehicle exports to Korea with its own safety standards. Under the revised accord, a U.S. automaker will be able to ship up to 50,000 vehicles per year to Korea should it comply with U.S. industry regulations, up from current 25,000 units. But it limits Korea’s auto exports to the U.S by extending a tariff on imports of Korean pickup trucks to the U.S. to 2040 from initial 2021.” [Pulse News Korea]