US seeks to renegotiate free trade deal with South Korea

US seeks to renegotiate free trade deal with South Korea

US seeks to renegotiate free trade deal with South Korea

The United States officially declared on Thursday that it wants to renegotiate its free trade agreement with South Korea as the world’s largest economy seeking to redraw the world trade system in favor during the Donald Trump administration.

Trump opposed trade agreements on the electoral path, accusing them of losing jobs in the United States, while courting support from working-class voters, while supporters say they remove barriers to companies increasing global prosperity.

The Transp American Association of the Pacific (TPP) has been withdrawn, a proposal led by the Obama administration to create the largest trade agreement in the world, which was signed in February last year but never implemented.

Demonstration of strength of the South Korea of ​​the United States and after the intercontinental ballistic missile test in North Korea
And the talks should begin next month when the North American Free Trade Agreement (TLC) renegotiation with Canada and Mexico after Trump refused to threaten to withdraw unilaterally from the pact, it was stimulated industry and manufacturing created, Agricultural and trade industries links throughout the region.

The Free Trade Agreement between the United States and South Korea, known as the KORUS, came into force in March 2012, while Washington said its trade deficit with the country has more than doubled to 13.2 billion dollars In 2011 to 27.6 billion last year.

Trade of goods between the graph South Korea and the United States 2006-2016. (AFP)
In a statement, US Trade Representative Robert Lighthizer said he had convened a joint meeting of the Committee under KORUS “to begin the negotiation process to remove barriers to trade and revise US necessary changes in the Agreement “.

Trump described the KORUS agreement as “horrible” for the United States, and in a letter to South Korean Trade Minister Lighthizer said there were “problems with market access for exports in Korea United States” and Washington wanted to see one “More balanced business relationship”.

The Joint Commission will meet next month in Washington, he added.

Seoul has reacted with skepticism, with the Ministry of Commerce, Industry and Energy indicating that the agreement could be modified by mutual agreement.
“As part of the free trade agreement, it is not necessarily tied to our side to conform to the US proposal to modify the FTA,” it said in a statement.

“Firstly, he added, officials should” study, analyze and evaluate the effect of the Free Trade Agreement and whether KORUS FTA should be blamed for the trade imbalance. ”

Deeply intertwined relationship

Trade is only one part of the deeply intertwined relationship between South Korea and the United States, which are in a security alliance.

More than 28,000 US troops are stationed in the south to protect against North Korea armed last week for the first time successfully tested a missile that could reach Alaska.

The Trump administration seeks tougher penalties for the United Nations against the North – which has ample artillery firepower within the reach of Seoul – and said it keeps its military options open.

Trump also attacked Tokyo, another Asian security ally, trade.

Japan, Australia and New Zealand are the main efforts of the remaining Trans-Pacific Partnership of the country, the so-called TPP 11, to reactivate the agreement, convinced that it will block free trade and strengthen the future labor rights and protection of the environment.

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