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USTR: Revised KORUS Lowered Trade Barriers for US Cars

Written: 2019-03-31 14:26:19Updated: 2019-03-31 14:28:33

USTR: Revised KORUS Lowered Trade Barriers for US Cars

Photo : YONHAP News

A U.S. trade report said that the revised free trade agreement between the United States and South Korea has lowered trade barriers on American-made cars and improved the origin verification procedure.

According to the Ministry of Trade, Industry and Energy on Sunday, the U.S. Trade Representative (USTR) released on Friday the 2019 national trade estimate report on foreign trade barriers.

The report said Washington and Seoul agreed to make amendments in their trade deal, known as KORUS, to include "improvements to remove a range of regulatory and non-tariff barriers."

The ministry said the USTR report describes progress made in lowering trade barriers in the auto sector by making amendments to the trade deal with South Korea.

The two allies revised the KORUS pact at the request of the United States and the revised deal took effect in January.

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