By Lee Hyo-sik
Finance Minister Kim Dong-yeon said the government will draw up goals for the ongoing Korea-U.S. Free Trade Agreement (KORUS FTA) renegotiations by reflecting public opinion and consulting with the National Assembly.
"The public has shown a great deal of interest in the ongoing renegotiation, so the government will hold public hearings, report to the Assembly and follow up other due processes," Kim said Friday.
On Nov. 10, the government plans to hold the first public hearing on the KORUS FTA renegotiation at COEX in southern Seoul.
Kim and other economy-related ministers met to discuss ways of dealing with growing pressure from the United States to open Korea's markets wider to American goods, ahead of U.S. President Donald Trump's visit next week.
In addition to North Korea's nuclear and ballistic missile development programs, trade issues are expected to dominate the summit between President Moon Jae-in and his American counterpart on Nov. 7 and 8.
The Trump administration has been taking steps to curb imports of Korean steel and other products into the U.S. while calling on Asia's fourth-largest economy to buy more U.S. goods.
Korea and the U.S. have begun renegotiation of the agreement despite the former's reluctance, as Washington is looking to get more concessions from Seoul. Both sides have held two rounds of working-level meetings but have been unable to reach a consensus on any issues.
"The government will place top priority on protecting Korea's interests when negotiating the trade pact with the U.S., in accordance with the law and due processes," Kim said during the meeting at the government complex in downtown Seoul.
Besides Kim, Trade Minister Paik Un-gyu, Land Minister Kim Hyun-mi, Foreign Minister for Trade Kim Hyun-jong and Fair Trade Commission Chairman Kim Sang-jo attended.
Kim said his economy team will work hard to produce the best possible results from the bilateral and multilateral meetings. Moon will host Trump on Nov. 7 and 8 and will then fly to Vietnam for the APEC summit, where he is scheduled to meet Chinese President Xi Jinping and other leaders.
The finance minister said the government has been closely monitoring the international financial market.
"Despite the lingering geopolitical risks associated with North Korea, things have improved as Korea renewed a currency swap deal with China and maintained its sovereign credit ratings," Kim said.
"The Korean economy performed better than expected in the third quarter, with outbound shipments expanding for the 12 consecutive months. The economy has been recovering at a steady pace."
He said geopolitical risks on the Korean Peninsula peaked from August to September. "But since October, things have returned to normal. But there are still a number of market uncertainties. We will continue to remain vigilant and take all possible measures to stabilize the financial market."
Finance Minister Kim Dong-yeon said the government will draw up goals for the ongoing Korea-U.S. Free Trade Agreement (KORUS FTA) renegotiations by reflecting public opinion and consulting with the National Assembly.
"The public has shown a great deal of interest in the ongoing renegotiation, so the government will hold public hearings, report to the Assembly and follow up other due processes," Kim said Friday.
On Nov. 10, the government plans to hold the first public hearing on the KORUS FTA renegotiation at COEX in southern Seoul.
Kim and other economy-related ministers met to discuss ways of dealing with growing pressure from the United States to open Korea's markets wider to American goods, ahead of U.S. President Donald Trump's visit next week.
In addition to North Korea's nuclear and ballistic missile development programs, trade issues are expected to dominate the summit between President Moon Jae-in and his American counterpart on Nov. 7 and 8.
The Trump administration has been taking steps to curb imports of Korean steel and other products into the U.S. while calling on Asia's fourth-largest economy to buy more U.S. goods.
Korea and the U.S. have begun renegotiation of the agreement despite the former's reluctance, as Washington is looking to get more concessions from Seoul. Both sides have held two rounds of working-level meetings but have been unable to reach a consensus on any issues.
"The government will place top priority on protecting Korea's interests when negotiating the trade pact with the U.S., in accordance with the law and due processes," Kim said during the meeting at the government complex in downtown Seoul.
Besides Kim, Trade Minister Paik Un-gyu, Land Minister Kim Hyun-mi, Foreign Minister for Trade Kim Hyun-jong and Fair Trade Commission Chairman Kim Sang-jo attended.
Kim said his economy team will work hard to produce the best possible results from the bilateral and multilateral meetings. Moon will host Trump on Nov. 7 and 8 and will then fly to Vietnam for the APEC summit, where he is scheduled to meet Chinese President Xi Jinping and other leaders.
The finance minister said the government has been closely monitoring the international financial market.
"Despite the lingering geopolitical risks associated with North Korea, things have improved as Korea renewed a currency swap deal with China and maintained its sovereign credit ratings," Kim said.
"The Korean economy performed better than expected in the third quarter, with outbound shipments expanding for the 12 consecutive months. The economy has been recovering at a steady pace."
He said geopolitical risks on the Korean Peninsula peaked from August to September. "But since October, things have returned to normal. But there are still a number of market uncertainties. We will continue to remain vigilant and take all possible measures to stabilize the financial market."
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