House Trade Subcommittee Announces March 20, 2007 Hearing on U.S.-Korea Free Trade Agreement
The House Ways and Means Trade Subcommittee has issued an advisory announcing that it will be holding a hearing on March 20, 2007 on negotiations to complete a free trade agreement (FTA) between South Korea and the U.S. The advisory states that the purpose of the hearing is to examine ongoing negotiations to conclude a FTA between South Korea and the U.S. and to assess the state of negotiations going into their final week.
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FTA Negotiations have Made Progress, Sharp Differences Remain Over Trade in Certain Goods, U.S. AD Law
According to the advisory, the U.S. Trade Representative (USTR) announced the countries' intention to negotiate a FTA in February 2006 and negotiations began formally in May 2006. The eighth round of negotiations was scheduled to conclude on March 13, 2007.
Since May 2006, the two sides have reported progress in some areas such as some industrial tariffs, customs administration, some anti-corruption measures, and foreign investment; however, sharp differences remain over trade in autos, pharmaceuticals, and agricultural products and over Korean demands that the U.S. change its antidumping (AD) law. Both sides are still aiming to complete the negotiation before the end of March 2007 to comply with deadlines under the Trade Act of 2002.
Hearing Will Focus on Major Outstanding Issues in the Negotiation
The advisory states that the hearing will focus on the major outstanding issues in the negotiation. These include opening Korea's automotive market and key agricultural benefits of increasing market access for U.S. farmers and also lingering issues such as Korea's largely closed rice market and Korea's repeated efforts to close its market to exports of U.S. beef. Additional issues to be explored will be concerns raised on pharmaceuticals, services, and investment and how the FTA will address these concerns.
- Requests to be heard at the hearing are due by the close of business (COB) on March 15, 2007
- Written statements are due by the COB on April 3, 2007
(See ITT's Online Archives or 02/06/06 news, 06020699 1, for BP summary announcing that the U.S. and South Korea planned to negotiate a FTA.)
Trade Subcommittee Advisory (TR-3, dated 03/13/07) available at http://waysandmeans.house.gov/hearings.asp?formmode=view&id=5677