Seoul’s commerce ministry and the Workplace of U.S. Commerce Consultant (USTR) plan to carry a gathering subsequent month to hold out follow-up discussions on non-tariff barrier points included within the nations’ joint commerce deal, the ministry stated Monday.
The upcoming joint free commerce settlement committee assembly will cowl bilateral cooperation in non-tariff commerce barrier points, resembling car and digital providers rules, Commerce Minister Yeo Han-koo stated throughout a commerce promotion committee assembly.
In a joint truth sheet introduced Friday on the bilateral commerce deal, the 2 nations stated they’ll work collectively to deal with non-tariff obstacles with an intention to extend mutually helpful commerce and funding.
Korea agreed to eradicate the 50,000-unit cap on U.S.-made automobiles that meet security requirements, permitting them to enter the Korean market with out further modifications, the actual fact sheet learn.
The 2 nations will work collectively to deal with non-tariff obstacles affecting commerce in meals and agricultural merchandise by establishing a U.S. desk devoted to requests for U.S. horticultural merchandise below Korea’s Animal and Plant Quarantine Company, it added.
The very fact sheet additionally included the 2 nations’ dedication to make sure the U.S. firms should not discriminated towards when it comes to legal guidelines and insurance policies regarding digital providers in Korea, resembling community utilization charges and on-line platform rules.
The very fact sheet was launched about two weeks after Seoul and Washington reached an settlement on the main points of Korea’s $350 billion funding pledge made in return for reducing of U.S. tariffs.
“Because the tariff settlement has now been finalized after a protracted and tough negotiation course of, we now should deal with completely implementing follow-up measures within the non-tariff sector to handle the Korea-U.S. commerce atmosphere in a steady method,” Yeo stated.
