Press Releases

USTR Reports to Congress on U.S.-Korea FTA Progress

December 28, 2006

The Office of the U.S. Trade Representative today submitted to the U.S. Congress a report regarding proposals currently being advanced in the United States-Korea FTA (“KORUS” FTA) negotiations related to the application of U.S. trade remedies laws.  Given the sensitivity of U.S. trade remedy laws, Congress has required that a report on this subject be submitted at least 180 days prior to signature of any FTA.

The report submitted today summarizes proposals advanced by Korea, and states that no agreement has been reached on any of these proposals.  It notes that, to the extent that they would require changes in U.S. antidumping and countervailing duty laws, the proposals currently being advanced would not appear in the final agreement.  The report notes that negotiations with Korea are continuing and USTR will continue to consult with Congress as the negotiations progress.

The next round of KORUS FTA negotiations will be held the week of January 15, at which time new proposals may be tabled in this and other areas.

Background

The KORUS FTA negotiations are among the most significant bilateral trade negotiations ongoing in the world today.  If successfully completed, they would enhance trade and investment between the two countries, creating new economic opportunities for both the U.S. and Korea.  In addition, it will enhance the competitiveness of both countries in the Asia-Pacific region. 

Two-way trade between the United States and Korea was valued at $72 billion in 2005.  Korea exported $44 billion to the United States in 2005.