After three months of talks,... South Korea and the U.S. have officially reached an agreement in principle on the terms of amending their FTA.
In a joint statement released Wednesday night local time, Seoul's trade minister Kim Hyun-chong and U.S. Trade Representative Robert Lighthizer said the two countries were pleased to announce the amendment, which addresses issues on investment, tariffs and trade remedies.
It added that additional progress was made in the areas of pharmaceuticals, customs and textiles.
They also agreed on the terms to exempt Korea from 25 percent steel import tariffs, in which Seoul will limit the amount of its steel exports to the U.S. to 70 percent of its annual average from 2015 to 2017.
The arrangement with respect to steel products is expected to take effect on May 1st.