Business

S Korea, US reach agreement in principle on trade: Minister

South Korea and the US have reached an understanding on revising their free trade agreement (FTA) and on steel tariffs, Seoul's trade minister said yesterday.

"Agreement on the bilateral FTA and steel issues has been reached in principle," Mr Kim Hyun-chong said on arrival at Incheon International Airport after talks in Washington, Yonhap news agency reported.

Some technical issues need to be settled at working level but are likely to be concluded shortly, the minister was quoted as saying.

US officials had said on Friday an agreement could be announced in the coming week.

Mr Kim said Seoul was able to defend its "red line" on farm goods and no additional concessions were made over tariffs.

He said the agreement eliminated uncertainties related to steel and should allow South Korean products to be shipped to the US, adding more details would be released today after he reports to cabinet.

The Trump administration in July convened talks to renegotiate the free trade treaty, arguing the 2012 deal was lopsided because the US trade deficit had ballooned since it was signed.- AFP

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