Results of the Korea-U.S. Bilateral Trade Consultations
U.S. beef imports and the ratification of the KORUS FTA were not on the agenda of the Korea-U.S. Bilateral Trade Consultations.
At the talks, Korea explained its position and requested cooperation in the following matters: U.S. changed circumstances review for the reinstatement of the anti-dumping order on PET film products from Korea, the U.S. practice of zeroing, the customs inspection of dropwort exports to the U.S. as well as the "100% container inspection" requirement of all cargo shipments before entry into the U.S.
Korea indicated that the U.S. practice of zeroing, which is used to calculate antidumping margins violates international regulations and requested it be addressed expeditiously. The Korean side also explained that the recent review for the reinstatement of the anti-dumping order on Korean PET film products is unfair.
Regarding the dropwort exports to the U.S., Korea requested cooperation for an expeditious import review process. In response, the U.S. assured the Korean side that the review was in its last stage and importation would soon begin.
Korea also pointed out that the “100% container inspection” requirement recommended by the National Commission on Terrorist Attacks Upon the United States (also known as the 9/11 Commission) could lead to severe trade restrictions. In particular, Korea requested that security measures implemented at the Busan ports be reflected in the final plan. In addition, The concerns of Korean firms with respect to delays and additional fees caused by the new inspection methods at U.S. customs were relayed to the U.S. delegation.
The U.S. inquired about Korea’s plans to review foreign direct investment, which could undermine national security and recent developments in Korea’s implementation of the Drug Expenditure Rationalization Plan. The U.S. delegation requested that new frameworks be implemented with transparency and fairness.
In addition, the U.S. expressed interest in Korea’s regulatory framework for the import of health and functional foods, organic manufactured foods, and functional cosmetics.
Both Korea and the U.S. agreed that Bilateral Trade Consultations provided an opportunity to deepen mutual understanding of bilateral trade issues and that two sides would continue the dialogues in the future.
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