Washington, D.C. – House Ways and Means Committee Chairman Kevin Brady (R-TX) and Trade Subcommittee Chairman Dave Reichert (R-WA) released the following statements regarding the agreement signed today by President Trump and South Korean President Moon to update the U.S.-Korea Free Trade Agreement (KORUS).
Chairman Brady said:
“I am pleased that the United States and South Korea took this important step toward implementing the agreement to update and improve KORUS, and I congratulate the President and Ambassador Lighthizer for negotiating this positive outcome. South Korea is one of our closest allies and trading partners, and these updates to KORUS will put our trade relationship on an even stronger and more durable foundation. The outcome is a win for both countries and will help ensure that our trade relationship with South Korea benefits all Americans.”
Chairman Reichert added:
“Passage of the U.S.-Korea free trade agreement is one of my proudest achievements during my time in Congress. I fought for this agreement because I knew it would benefit Washington’s workers and businesses and make our relationship with Korea even stronger. With the signing of today’s updated agreement, we are improving our trade relationship and reaffirming our commitment to a key ally and trading partner in a region of the world where we must be engaged. Thank you to Ambassador Lighthizer and his team for their work on this important agreement that will further strengthen our ties and benefit both our countries.”
BACKGROUND: KORUS took effect in March 2012. The Governments of the United States and South Korea announced an agreement in March 2018 to address implementation issues with the agreement and to make modifications or amendments to certain aspects of the agreement. President Trump and President Moon Jae-in signed this agreement on the margins of the United Nations General Assembly meeting in New York today.