KITA News and Reports
  • To Establish Comprehensive Countermeasure System for U.S. Trade Issues
    2017-08-01

    To Establish Comprehensive Countermeasure System for U.S. Trade Issues

     

    The Korea International Trade Association (Chairman, Kim In-ho) has set out to deal with the trade issues between Korea and the U.S., including the revision of the Korea-US FTA.

     

    The Korea International Trade is planning to organize the Korea-U.S. trade TF team to monitor the trade issues between Korea and the United States and work on the countermeasures and collect opinions from the private trade industry. It will also build and operate a trade specialist advisory team. The TF will comprehensively respond to the latest trade issues between Korea and the U.S., including the revision of the Korea-US FTA, the regulation on imports from Korea, and trade imbalances. 

          

    Through the Korea-US trade TF team, the Korea International Trade Association will carry out the US trade outreach activities such as delivering the mutual reciprocal effects of the Korea-US free trade agreement to the key members of the US Congress along with discovering the success cases of the Korea-US pact and conducting in-depth researches on strategies to be prepared for the negotiation to revise the Korea-US FTA.

     

    In addition, in order to be prepared for the full-fledged negotiation on the revision of the Korea-US FTA, the organization plans to organize ‘Private Trade Countermeasure Committee,’ which collects the opinions of the industry and the trade industry and formulate counterstrategies and pass them on to the government.

            

    A committee composed of the industry groups that are directly or indirectly affected by the negotiation on the revision of the Korea-US FTA such as automobiles, steel, textile, and services, and trading partners of the U.S. and investment companies will be organized in August and a kick-off meeting will be held.  KITA will utilize this committee as a forum for the examination of trade issues between Korea and the U.S., and the analysis of industry-specific impact as well as mutual exchange of opinions.

            

    Apart from this, KITA will build the Korea-US Trade Specialist Advisory Committee" consist of trade negotiation experts and academics and collect opinions regarding the roadmap and action plans on the Korea-US FTA revision and strategies for each scenario.

     

    Kim Jung-kwan, vice-chairman of the Korea International Trade Association, said "Along with the efforts to deliver Korea’s opinion on Korea-US economic relations, US trade deficit and the Korea-US FTA to the United States as much as possible at the private level, we will focus on developing a logical foundation for Korea’s claim in the case of the actual negotiation of the Korea-US FTA revision.

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