Trade Ministers of South Korea and US hold talks to finalize free trade deal
UK Today News: Trade Ministers of South Korea and US hold talks to finalize free trade deal
The Trade Minister of South Korea, Kim Jong-Hoon and his US counterpart Ron Kirk, had a final talk on the free trade agreement between the two countries on Monday, November 8, 2010. The talks were scheduled before the G20 summit that is going to take place in Seoul, this week.
An earlier meeting of the officials that took place in the US last week, had brought no favourable results. The meeting in Seoul will comprise of the US automobile industry’s complaints regarding South Korea’s taxing and regulatory policies.
Reports state that the US wants SK to ease out certain standards on fuel mileage and gas emissions. According to sources, all automobile manufacturers in South Korea will be asked to produce cars that give an average of 16.7 kilometres per litre. This is a part of a campaign against greenhouse gas emissions.
The European Union has also sealed a deal pact with South Korea.