New KORUS agreement signed

An updated Korea-U.S. Free Trade Agreement (KORUS) was signed today by President Donald Trump and South Korean President Moon Jae-In.

The KORUS amendments include several revamped customs guidelines, provisions to prevent Korean discrimination against U.S. pharmaceutical exports, and a doubling of the amount of cars — from 25,000 to 50,000 — the U.S. can export to South Korea without being subject to the country’s more stringent safety regulations.

“Passage of the U.S.-Korea free trade agreement is one of my proudest achievements during my time in Congress,” said Washington Rep. Dave Reichert, House Ways and Means Trade Subcommittee chairman, in a statement. “I fought for this agreement because I knew it would benefit Washington’s workers and businesses and make our relationship with Korea even stronger. With the signing of today’s updated agreement, we are improving our trade relationship and reaffirming our commitment to a key ally and trading partner in a region of the world where we must be engaged. Thank you to Ambassador Lighthizer and his team for their work on this important agreement that will further strengthen our ties and benefit both our countries.”

KORUS took effect in March 2012. The governments of the United States and South Korea announced an agreement in March 2018 to address implementation issues with the agreement and to make modifications or amendments to certain aspects of the agreement.

U.S. Secretary of Agriculture Sonny Perdue had this to say about the signing:

“We are entering into a new KORUS agreement that is a better deal for the entire United States economy, including the agricultural sector. This represents an important improvement in trade relations between our two nations, building on long-standing cooperation we have enjoyed. This agreement adds to the momentum building for President Trump’s approach to trade, which is to stand strong for America’s interests and strike better deals. I am optimistic that the dominoes will continue to fall: KORUS, then a new NAFTA, and new agreements with the European Union, Japan, and, most notably, China. As an avid sportsman, I would say ‘put this one in the bag and keep hunting for more.'”

South Korea is one of the Pacific Northwest’s major buyers of soft white wheat.