Acting U.S. ambassador to South Korea Marc Knapper says there is "room for improvement" in the economic relationship between the two countries, which he says should become more "fair" and "balanced."

Speaking at a Jeju forum Friday, he said the U.S. believes a significant trade imbalance between the nations must be addressed.

Knapper did offer assurance that Washington is not seeking a “renegotiation” of South Korea-U.S. Free Trade Agreement(KORUS FTA), but rather a discussion on ways to “improve, amend” the course of the trade pact.