US, South Korea to Start Renegotiating Trade Pact on Tuesday

The United States and South Korea will start talks in Seoul on Tuesday on possibly amending the trade agreement between their two countries, the US Office of the Trade Representative said in a statement.

WASHINGTON (Sputnik) — Lighthizer and Korean Trade Minister Kim Hyon-chong will open the meeting via videoconference before the start of additional senior-level discussions between US and Korean officials in Seoul, the statement said.

"United States Trade Representative Robert Lighthizer today announced arrangements for the special session meeting of the Joint Committee under the US-Korea (KORUS) Free Trade Agreement," the statement said on Thursday. "The special session will be held in Seoul, South Korea, on August 22, 2017."

"Ambassador Lighthizer requested the meeting to consider matters affecting the operation of the KORUS Agreement, including possible amendments and modifications to resolve several problems regarding market access in Korea for US exports and, most importantly, to address the significant trade imbalance," the USTR statement said.

The KORUS Agreement entered into force on March 15, 2012.

South Korea is the United States' sixth largest goods trading partner, with $112.2 billion in goods traded between the two countries during 2016. The US goods and services trade deficit with Korea was $17.0 billion in 2016.