S. Korea, US to launch joint FTA committee to implement tariff deal: finance chief

Finance Minister Koo Yun-cheol speaks during an economy-related ministers' meeting at the government complex in Seoul, Friday. Yonhap

Finance Minister Koo Yun-cheol said Friday that a joint committee for the South Korea–U.S. Free Trade Agreement (FTA) will be established soon to implement a recent tariff deal reached by the two countries.

In late October, Seoul and Washington finalized an agreement outlining the details of South Korea's $350 billion investment pledge, made in exchange for lowering U.S. tariffs, during summit talks between President Lee Jae Myung and U.S. President Donald Trump.

"The two countries plan to push forward with hosting the South Korea–U.S. FTA Joint Committee soon to ensure proper implementation of the agreed measures," Koo said while presiding over an economy-related ministers' meeting.

Last week, the Trump administration posted on the Federal Register a notice implementing certain tariff elements of the South Korea-U.S. trade deal, including a reduced duty rate of 15 percent on Korean autos retroactive to Nov. 1.

Koo added that Seoul will consult closely with Washington to ensure that the detailed implementation plan for non-tariff measures serves the national interest.

The minister also pledged efforts to swiftly conclude discussions on other items subject to tariff reductions, such as generic pharmaceuticals and natural resources, so the tariffs on such items can be lowered as quickly as possible.