Following discussions at the G20 summit in Seoul in November 2010 and new negotiations in December 2010 in Maryland, Presidents Obama and Lee announced on December 4, 2010, that an agreement had been reached; then signed an updated version of the agreement. [4] [13] [14] [15] [16] On March 15, 2012, the agreement came into force. [8] Shortly thereafter, Korea completed its amended national KORUS investigation procedure, On December 7, 2018, the National Assembly ratified the agreement by 180-5 votes to support the agreement, with 19 abstentions.17 Although the Koreans suggested that they would seek a waiver from the Trump administration`s tariffs on all cars in exchange for their approval of the new KORUS. 18 In the meantime, no vote in Congress was required in the United States, as the scope of the revisions was limited and no changes had been made to the United States statutes. In December 2010, the two sides agreed on a number of minor changes: U.S. tariff reductions for cars and light trucks were delayed by a few years and Korea amended some regulatory policies that would help U.S. automakers gain access to the Korean market.6 These changes paved the way for ratification in Korea and the United States. , and the agreement came into force on March 15. , 2012.7 Article 22.1 of the U.S.-Korea Free Trade Agreement establishes a joint committee to monitor the implementation of the agreement and review trade relations between the parties. The committee is made up of government representatives, co-chaired by the U.S. Trade Representative and Korea`s Trade Minister or their representative.

The Joint Committee meets periodically each year to review the overall functioning of the Agreement, review and examine specific issues related to its activities, review and adopt amendments, facilitate the prevention and resolution of disputes arising from the Agreement, and interpret the Agreement; Explore opportunities to improve trade relations between the parties; and take any other action agreed upon by the parties. While the treaty was signed on June 30, 2007, ratification was slowed when President George W. Bush`s accelerated trade authority ended and a Democratic Party-controlled Congress raised objections to the treaty regarding concerns about bilateral trade in automobiles and beef in the United States. Nearly three years later, on June 26, 2010, President Barack Obama and President Lee Myung-bak reaffirmed their commitment to the treaty and said they would order their governments to resolve the remaining obstacles to the agreement by November 2010. [12] Overall, the korus renegotiation is a small adaptation to U.S.-Korea trade relations, not the global revolution that Trump and his trade advisers present as one. That`s probably the right thing to do. However, concerns about KORUS were less prominent for the Trump administration than concerns about other trade relations in which the United States could take more aggressive action. The escalation of the trade dispute between the United States and China, the continued application of various unilateral tariffs by the government and the blocking of appointments to the highest court of the World Trade Organization are at the heart of the concerns. The resolution of these “hot button” issues will provide us with more information on the government`s ability to find a way to develop a coherent trade strategy that does not separate decades of trade liberalization.

In addition, most U.S. cars are exempt from Korea`s stricter CO2 emission requirements. To do this, the cap on green credits that U.S. manufacturers can use to “pay” for the increase in CO2 emissions will be raised to address the gap between the United States.