South Korea's trade ministry is holding its second public hearing on possible amendments
to the free trade agreement between South Korea and the United States.
Our Kim Hyesung joins us on the line from the Coex Convention Center in southern Seoul.
Hyesung, can you walk us through the key points of the hearing so far....
Hi, Mark.
The public hearing started at 9:30am sharp.
It started with presentations by trade and legal experts, and was followed by a panel
discussion.
The trade ministry unveiled its economic feasibility studies on the Korea-U.S. FTA.
With regards to the agricultural sector, it said agricultural imports from the U.S. increased
by a yearly average of 15 percent, or 940 million U.S. dollars, between 2012 and 2016...
compared to the 2007 and 2011 period, the five year period before the FTA went into
effect in 2012.
The report also said U.S. beef imports have surged 124 percent since the FTA took effect.
Basically, the report said Korea's agriculture sector should be exempted from the renegotiations.
As for the manufacturing sector, experts said Korea's exports to the U.S., saw a surplus,
mostly from the automobile sector, while steel and petrochemical industry exports dropped.
The report argued the trade surplus is not because of lower tariffs from the FTA, but
because of Korea's competitiveness in those manufactured goods.
Basically, the government's main point is that they will not just be on the defense
when it comes to the renegotiations, it will protect its agricultural industry, and also
address the antidumping issues raised by the Trump Administration, according to the WTO
regulations.
What's the mood like?
The first gathering last month was disrupted by furious farmers, right?
Right, the first public hearing on November 10th ended in less than 30 minutes due to
a disruption by angry farmers and livestock breeders.
Agricultural representatives held a press conference half-an-hour before the meeting,
at nine a.m. calling for the termination of the Korea-U.S. FTA, and even interrupted before
the panel talks began at 9 40 a.m.
After some fuss, the meeting restarted.
Today, unlike the first hearing, agricultural representatives were also given seats at the
panel talks, who raised their concerns over Korea's livestock industry.
I'll have more updates later in the day.
Back to you, Mark.
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