Anchor: South Korea and the United States have finally seen eye to eye on contentious trade issues including the renegotiation of their bilateral free trade agreement as well as U.S. tariffs on South Korean steel.
Oh Sooyoung reports.

Report:

[Sound bite: Trade Minister Kim Hyun-chong (Korean)]
"The two sides also reached an agreement in principle on revising the South Korea-U.S. FTA."

South Korea and the United States have reached an agreement on how to revise their bilateral free trade agreement(FTA).

A day after returning from Washington, Trade Minister Kim Hyun-chong held a press briefing Monday to announce the result of his four-week trip.

[Sound bite: Trade Minister Kim Hyun-chong (Korean)]
"As I mentioned yesterday, Seoul has defended the red line that there won't be additional liberalization of the agricultural sector and that the use of U.S. auto parts will not be made compulsory. Also, there will be no reintroduction of tariffs that were previously removed."

The two countries agreed to extend a 25 percent tariff on imports of Korean pickup trucks by 20 years until 2041. 

South Korea will also import more American cars without requiring them to comply with domestic regulations, allowing 50-thousand vehicles to enter the local market -- double the current 25-thousand threshold. 

Eased vehicle emission standards will also be applied for cars shipped to the South from 2021 to 2025.  

In return, the U.S. will exclude South Korea from a 25 percent tariff on steel products, while setting a quota on its total steel imports equal to 70 percent of steel exports to the U.S. posted on average between 2015 and 2017.

[Sound bite: Trade Minister Kim Hyun-chong (Korean)]
"South Korea was able to resolve uncertainty for local steelmakers at an early stage by being the first country to negotiate an exemption from U.S. tariffs on steel. As a result, Korean firms will continue to be excluded from the 25 percent tariff even after the temporary exemption period expires on May first. Roughly eleven percent of South Korea's steel exports are headed to the U.S., and the U.S. quota on steel imports will only affect roughly three percent of South Korean products, based on 2017 figures."

Washington had initially considered imposing a 53 percent duty on South Korean steelmakers which take up the third largest share of America's imported steel market.

The trade ministry says working-level officials are working on the final draft of the deal before the two governments sign and ratify the document.   
Oh Sooyoung, KBS World Radio News.