Industry minister to meet US, Chinese officials
The country’s industry minister plans to meet his U.S. and Chinese counterparts soon over issues such as the renegotiation of the free trade pact and economic retaliation over a military decision.
“We are coordinating with the United States to prepare a meeting within this year. Both sides cannot help being cautious,” Minister of Trade, Industry and Energy Paik Un-gyu said at a press meeting held in Sejong City, Monday.
Regarding the meeting with U.S. Secretary of Commerce Wilbur Ross, which will take place in the United States, Paik said concrete topics haven’t been decided yet while there is coordination going on at the working level over scheduling.
When the meeting takes place, the Korea-U.S. Free Trade Agreement (KORUS FTA) is likely to be the main topic.
The Donald Trump administration has been pressuring Korea to renegotiate the bilateral free trade agreement so it could decrease its trade deficit against Korea. Paik, however, reaffirmed that analysis and evaluation of the package should come prior to renegotiation.
The country is also under pressure from China over the deployment of a U.S. Terminal High Altitude Area Defense (THAAD) missile defense system on its soil which aims at protecting itself against North Korea’s intensifying nuclear threat.
China has been taking economic retaliation against Korea, claiming the U.S. system in its neighbor country will harm its defense interest.
When asked if the ministry is considering taking the case to World Trade Organization (WTO), Paik said he has no intention to avoid it if it is necessary, considering the interests of the country.