The U.S. and South Korea will hold formal trade talks starting Friday regarding the Korea-U.S. Free Trade Agreement, known as KORUS. Officials from Korea and the U.S. will meet in Washington, D.C. Friday to discuss “potential amendments and modifications” to the five-year-old deal, according to Politico.
The two nations met last year to discuss concerns surrounding the trade agreement as President Trump repeatedly criticized the trade pact, and threatened to withdraw the U.S. unless changes are made. However, U.S. officials have so far not followed trade promotion authority procedures required to pursue major changes to the deal, suggesting they do not anticipate the talks will result in changes to U.S. law that would require congressional approval.
South Korea was the third largest importer of U.S. corn during the latest marketing year, and is currently the fifth largest U.S. agricultural export market.