Korean Finance Minister Responds to Trump’s FTA Claims

Is it time to scrap the KORUS FTA?  US Presidential candidate Donald Trump thinks so, but the ROK finance minister disagrees:

Finance Minister Yoo Il-ho refuted remarks by U.S. Republican presidential candidate Donald Trump that the free trade agreement between Korea and the United States (KORUS FTA) undermines the American economy.

Minister Yoo made his remarks a day after Trump lambasted the KORUS FTA as “a job-killing deal” and said the deal “doubles our trade deficit with Korea and will destroy nearly 100,000 American jobs.”

Yoo also said joining the Trans Pacific Partnership (TPP) is “very important” for countries in the Pacific region, a stance in stark contrast with Trump’s pledge that he will pull the U.S. out of the 12-nation body if he is elected.

“That will not help any people in the world,” Yoo said during an American Chamber of Commerce in Korea (AMCHAM Korea) General Membership Meeting.

Yoo said that Seoul acknowledges that some criticize the KORUS FTA citing the increased U.S. current account deficit, but stressed that the deal’s advantages “easily outweigh” the disadvantages.

“Trump’s remarks show that he does not understand the KORUS FTA,” Yoo said. “The sales of American automobiles in Korea soared by 28 percent annually, which makes Korea the second largest market for U.S. carmakers,” he said, adding that Samsung Electronics and Lotte Chemical have invested some $15 billion and $3 billion in the U.S., respectively.

Over Trump’s remarks, widely translated as protectionist, Yoo urged that the deal ― which marks its fourth anniversary this year ― should be consolidated further. [Korea Times]

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