US, South Korea Must Move Quickly to Eliminate Lingering KORUS Barriers, Says Chamber President
The U.S. and South Korean business communities need to ensure the U.S.-Korea Free Trade Agreement (KORUS) is implemented quickly and more efficiently to remove bilateral, non-tariff barriers that continue to prevent the pact from reaching its full potential, said Chamber…
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of Commerce President Thomas Donohue during a speech in Seoul on July 24. “In some cases, things are moving too slowly in areas where non-tariff barriers restrict trade, or where new rules or guidelines are required to meet KORUS commitments,” said Donohue. “Resolving these issues quickly is critical to U.S. companies’ confidence in Korea as a good place to invest and do business in.” Administration and industry officials have expressed concern over remaining non-tariff barriers in areas such as agriculture and auto trade (see 13120613). KORUS entered into force in March 2012. Timely implementation is critical for South Korean accession into the Trans-Pacific Partnership in the future, said Donohue. “We will welcome Korea’s entry into the Trans-Pacific Partnership once the current negotiations are complete, and we have resolved any outstanding issues related to KORUS implementation,” Donohue added.