SEOUL, July 25 (Xinhua) -- South Korea's newly appointed trade minister on Monday accepted the U.S. counterpart's request to convene a special session of the joint committee on the U.S.-South Korea free trade agreement (FTA).
Minister of Trade, Industry and Energy Paik Ungyu, who became the first minister for trade under the Moon Jae-in government, replied to a letter sent on July 12 by U.S. Trade Representative (USTR) Robert Lighthizer to negotiate on the amendment or modification of the bilateral free trade pact that came into force in 2012.
According to the reply letter unveiled by the South Korean ministry, Paik said his country agreed to hold the special session, requested by the U.S. side, in accordance with due procedures.
Paik, however, suggested that the special session would be held after the new government's reorganizing process is finalized, saying the Moon government, which was inaugurated on May 10, should establish a trade office inside the ministry and appoint a new minister for the trade office who would become the co-chair of the joint committee on the South Korean side.
Under the bilateral free trade deal, either side can ask for the special session. The other side, in principle, is required to accept the request within 30 days.
Describing the U.S.-South Korea FTA as a "horrible deal," U.S. President Donald Trump has vowed to put things right by "renegotiating" the deal.
The new South Korean leader has instructed government officials to squarely face the call from the U.S. side, saying that if negotiations on the bilateral FTA kick off, the South Korean side would have what it wants in the upcoming negotiations.
Minister Paik proposed to his U.S. counterpart that the two sides would discuss how to objectively examine, analyze and assess the effects of the bilateral FTA since its entry into force.
South Korea has claimed that though it had a trade surplus in goods with the United States, the country has posted a deficit in services trade with the U.S. When including the weapons import, the bilateral trade was almost balanced.
