S. Korea has decided to accept the U.S. proposal to renegotiate bilateral free trade pact (FTA).
The decision was made at a meeting of ministers involved presided over by Deputy Premier-Finance and Economy Minister Kwon O-kyu at a government building complex in downtown Seoul Monday.
The United States last weekend proposed the FTA be renegotiated in seven fields, including the environment and labor.
The contents are similar with those revealed by the U.S. Trade Representative on "new trade policy" on May 10, an official said.
The five sectors, excluding the labor and the environment, are of clarification level of content in the agreement, he said. The five include the pharmaceuticals, government procurement and investment