US Vice President: Washington Looking to Upgrade Korea Trade Deal

The US is hoping to launch negotiations with South Korea on upgrading their five-year-old trade deal, also known as the KORUS FTA , according to comments made by US Vice President Mike Pence during a trip to Asia earlier this month. Speaking in Seoul on 18 April, the US official suggested that doing so could help address areas “where our trade relationship is falling short,” while noting that the two sides do have deep-seated economic ties. “Our businesses continue to face too many barriers to entry, which tilts the playing field against American workers and American growth,” said Pence to a group of business representatives. He also noted that Washington is looking over all of its existing trade deals to assess their level of benefits to the US economy vis-à-vis its trading partners. Regarding the KORUS FTA, Pence noted an imbalance in trade, pointing to a “concerning” US trade deficit with South Korea of US$27.7 billion. Along with meeting business officials, Pence also met with South Korean Acting President Hwang Kyo-ahn before continuing on his Asia trip. (For more on Pence’s trade-related meetings in the region, see related story, this edition) South Korean officials say that a US request to...