DPA FINANCE SKorea Trade US US and South Korea to negotiate changes in free trade agreement Seoul
South Korea and the United States aim to negotiate
possible changes to the free trade agreement (FTA) they reached in
April, the Ministry of Foreign Affairs and Trade said Tuesday.
The Seoul government had accepted a request to that effect by the
US, the ministry said. Negotiations with a US delegation are due to
take place Thursday and Friday in Seoul.
Washington wants the new agreement to include new US guidelines
emphasizing stricter standards in the areas of labour and the
environment. Additional talks were also expected to address the areas
of pharmaceuticals, public acquisitions and investment.
Following intensive negotiations over ten months, the two
countries on April 2 had agreed a comprehensive FTA, which envisages
the removal of import tariffs and other obstructions to trade.
For the US, this agreement is the largest FTA since the creation
of the North American Free Trade Agreement (NAFTA) in 1994. The
agreement has yet to be approved by the US Congress and the South
Korean parliament.
Both countries' governments are hoping to sign the agreement by
June 30. US President George W Bush's fast-track authorization for
trade agreements with other countries expires on July 1.Deutsche Presse-Agentur
