Korea, U.S. to revise FTA with currency side deal

Home > Business > Economy

print dictionary print

Korea, U.S. to revise FTA with currency side deal

A revised free trade agreement between Korea and the United States will include a side deal prohibiting both countries from deliberately devaluing their currencies for trade advantages, White House officials said Wednesday.

The Ministry of Strategy and Finance and the U.S. Treasury Department are currently in talks for an agreement to prevent “competitive currency devaluation,” they said.

They added the proposed accord would require Korea to increase the transparency of its foreign exchange actions but would include no enforcement mechanism.

The Treasury Department is set to release its semiannual currency report next month. Last October, Washington kept the country on the “monitoring list” but did not designate it as a currency manipulator.

Seoul officials said recently that the government is considering disclosing details of its interventions in the foreign exchange market.

Seoul’s Finance Ministry said that the revised free trade pact would not include the deal for currency-related issues. “We are working on details [with our U.S. counterparts] and reviewing related things before the release of the United States’ April currency report, and the discussion is a totally different one,” the ministry said.


Yonhap

More in Economy

Better to give property than to receive a big tax bill

Border restrictions drastically cut North Korea's trade

Central bank holds rates steady, adjusts up GDP forecast

Restaurant coupons to make a comeback as an app

[INTERVIEW] Korea Forest Service head sees huge opportunity in Indonesia

Log in to Twitter or Facebook account to connect
with the Korea JoongAng Daily
help-image Social comment?
lock icon

To write comments, please log in to one of the accounts.

Standards Board Policy (0/250자)

What’s Popular Now