FTA Draft Likely to Be Adjusted

Korean and U.S. FTA negotiators are expected to make “big deals” by making adjustments on key issues on March 30, one day before the ministerial-level meetings end.

The two parties cannot make “big deals” under the current negotiation plans, so the two sides are likely to compromise in part and then make “big deals.” Some predict that we will see a less comprehensive FTA than expected.

According to Korean and U.S. negotiators on March 28, the third day of the ministerial-level meetings, the U.S. still insists that Korea should eliminate a 25 percent tariff on imported pork within five years and a 40 percent tariff on imported beef.

Min Dong-seok, deputy minister of agricultural trade policy, said, “The differences between the two parties are so big that I am not sure we can reach a deal by March 30. We may need to be given a mandate again.”

The deadline following the expiration date under the Trade Promotion Authority is officially 7:00 a.m. on March 31 in Korea. But considering the time needed for U.S. negotiators to report the deal to the U.S. Congress, reportedly, the Korean government’s internal plan is to strike a final deal by 1:00 a.m. on that day.

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