South Korea's trade minister has revealed that Seoul has reached an agreement with the U.S. to amend their free trade deal.
The U.S. Treasury Secretary also confirmed that the two allies have reached a very productive understanding,... hinting a final agreement could come soon.
Kim Hyo-sun reports.
After returning from the U.S. on Sunday,... South Korea's trade minister Kim Hyun-jong said Seoul and Washington had reached a settlement on revising the bilateral trade pact and steel tariff issues.
"An understanding on the FTA and steel tariffs was reached in principle with the U.S."
Kim, Seoul's point man on the trade talks, explained that uncertainties on the steel tariff issue were effectively eliminated,... thereby enabling Korean steel products to continue entering the U.S. market.
He also stressed that Seoul was able to defend its red line on agricultural goods,... making clear there will be no further opening of the domestic market.
Saying the two allies have to iron out some technical matters on the working level,... Kim added the results of the negotiations will be announced after a Cabinet meeting on Monday.
U.S. Treasury Secretary Steven Mnuchin told Fox News that the two allies reached a very productive understanding on the FTA revision and steel tariffs.
Describing the agreement as an absolute win-win,... he said Seoul will reduce the amount of steel shipped to the U.S.
Such messages from both parties signals Seoul and Washington could soon finalize their amendments to the six-year-old bilateral trade deal..
Kim Hyo-sun, Arirang News.
