“The U.S. side has shown much interest in our car safety, fuel economy, greenhouse gases and other regulations. They showed concerns that such regulations may be acting as a barrier to U.S. cars’ share in the Korean market standing at about 1 percent,” Trade Minister Kim Jong-hoon told reporters after his talks with U.S. Trade Representative Ron Kirk in Seoul.
“Such regulations are part of responding to the global issue of climate change, so the task is to strike a balance between executing policies and preventing (the regulations) posing too strict a market barrier.”
He declined to elaborate further, saying that as the negotiations are ongoing the situation remains flexible.
Trade, finance, economy and environment ministers held an emergency session at night after the Korea-U.S. talks, signaling that there may have been important progress.
The top trade officials met to resolve differences over automotive and beef issues that have blocked the ratification of a landmark bilateral free trade agreement between the two countries.
During their two-day meeting Kim and Kirk will review the results of recent negotiations between their deputies.
Concerning beef imports, Kim said that while the U.S. has shown interest in the subject, Korea is maintaining the stance that the issue is separate from the free trade agreement and that related negotiations have not been conducted. The U.S. has been calling for Korea to lift the ban on U.S. beef products produced from animals older than 30 months old, enforced as a safeguard against mad cow disease.
Kim added that further information will be provided following Tuesday’s round of talks.
Kim and U.S. Trade Representative Ron Kirk are continuing negotiations began by Deputy Minister for Trade Choi Seok-young and Wendy Cutler, assistant U.S. trade representative for Korea, Japan and APEC Affairs, that began on Thursday. The talks continued over the weekend, giving rise to speculation that Korea was willing to make concessions on automotive issues.
According to reports, the two sides are said to have agreed to put a cap on tax refunds on automobile parts produced in a third country that are imported to the U.S. and used in Korean-brand vehicles built in the U.S.
Korea is also said to have decided to accept U.S. demands for easing fuel economy and greenhouse gas emissions regulations, and is now negotiating standards for making such concessions.
The Korean Trade Ministry, however, said that the working level talks did not result in any agreement over such details and that the issues will be discussed during the ministerial talks.
The Korea-U.S. FTA has been floating for more than three years having failed to receive parliamentary approval from both sides. The pact regained momentum in June when President Barack Obama ordered Kirk to work with his Korean counterparts to smooth out unresolved issues with the aim of concluding them by mid-November so he can present the deal to Congress early next year.
With the Republicans claiming victory in U.S. congressional elections, the push to finalize the Korea-U.S. Free Trade Agreement stands to gain significant momentum in winning approval from U.S. lawmakers.
In addition, the timing of the talks could also work in favor of those hoping to close the issue.
The final push comes at a time when President Barack Obama is giving trade issues increasing attention, while previously reluctant Japan appears to be warming to the Trans-Pacific Partnership – a U.S.-led tree trade deal.
By Choi Hee-suk (cheesuk@heraldm.com)
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| KOR US FTA TAL KS — The Korean delegation led by Trade Minister Kim Jong-hoon (left photo) faces the U.S. delegation led by Trade Representative Ron Kirk (right photo) at the Ministry of Foreign Affairs and Trade in Seoul on Monday. (Park Hae-mook/The Korea Herald) |
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