Seoul trade ministry, USTR to hold meeting to discuss nontariff barriers

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Seoul trade ministry, USTR to hold meeting to discuss nontariff barriers

Trade Minister Yeo Han-koo speaks to reporters at the government complex in central Seoul on Nov. 14. [YONHAP]

Trade Minister Yeo Han-koo speaks to reporters at the government complex in central Seoul on Nov. 14. [YONHAP]

 
Seoul's trade ministry and the Office of U.S. Trade Representative plan to hold a meeting next month to carry out follow-up discussions on nontariff barrier issues included in the countries' joint trade deal, the ministry said Monday.
 
The upcoming joint free trade agreement committee meeting will cover bilateral cooperation in nontariff trade barrier issues, such as automobile and digital services regulations, Trade Minister Yeo Han-koo said during a trade promotion committee meeting.
 

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In a joint fact sheet announced Friday on the bilateral trade deal, the two countries said they will work together to address nontariff barriers with an aim of increasing mutually beneficial trade and investment.
 
Korea agreed to eliminate the 50,000-unit cap on U.S.-made vehicles that meet safety standards, allowing them to enter the Korean market without extra modifications, the fact sheet read.
 
The two countries will work together to address nontariff barriers affecting trade in food and agricultural products by establishing a U.S. desk dedicated to requests for U.S. horticultural products under Korea's Animal and Plant Quarantine Agency, it added.
 
The fact sheet also included the two countries' commitment to ensure that U.S. companies are not discriminated against in terms of laws and policies concerning digital services in Korea, such as network usage fees and online platform regulations.
 
The fact sheet was released about two weeks after Seoul and Washington reached an agreement on the details of Korea's $350 billion investment pledge made in return for lowering U.S. tariffs.
 
"Since the tariff agreement has now been finalized after a long and difficult negotiation process, we now have to focus on thoroughly implementing follow-up measures in the nontariff sector to manage the Korea-U.S. trade environment in a stable manner," Yeo said.

Yonhap
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