The Korean government is establishing a dedicated desk to strengthen communication regarding quarantine measures for U.S. agricultural and livestock products. It is expected to become a key point of contact for discussions on the import of sensitive items such as U.S. potatoes, apples, and pears.
On the 14th, the governments of South Korea and the United States released a joint statement (joint fact sheet) detailing the trade agreement.
According to the agreement, Korea will invest $350 billion (approximately 510 trillion won) in the U.S., particularly in the shipbuilding sector. In return, the U.S. has agreed to reduce tariffs on Korean products, such as automobiles, to 15%.
The agreement also includes cooperation between the two countries in the agricultural sector. Korea will strengthen its cooperation with the U.S. to discuss non-tariff barriers affecting the trade of food and agricultural products. The agreement ensures the fulfillment of existing commitments and agreements between the two countries and aims to resolve delays in the regulatory approval process for agricultural biotechnology products.
Specifically, a dedicated "U.S. Desk" will be established to handle quarantine-related requests for U.S. horticultural crops. This decision comes in response to ongoing complaints about delays in quarantine procedures for U.S. apples, pears, and other products. The U.S. also included specific requirements in the trade agreement to maintain market access for U.S. meat and cheese.
An official from the Ministry of Agriculture, Food and Rural Affairs stated, "Most of the announced content reaffirms existing principles" and "there will be no additional market opening."
Reporter Lee Min-woo