U.S., South Korean leaders sign revamped KORUS

Finalized updates agreed to on the sidelines of the U.N. General Assembly meeting.    President Donald Trump and South Korean President Moon Jae-In finalized updates to the Korea-U.S. Free Trade Agreement (KORUS) during a signing ceremony at 3:45 p.m. Monday at U.N. Headquarters in New York.
   The finalized updates, agreed to on the sidelines of the U.S. General Assembly meeting, came after an agreement in principle had remained pending for about six months.
   Trump had cited holding up KORUS as leverage in ensuring strong alignment between Washington and Seoul in pursuing North Korean denuclearization.
   The Office of the U.S. Trade Representative and government of South Korea on Sept. 3 released the text of agreed KORUS amendments, which include several revamped customs guidelines, provisions to prevent Korean discrimination against U.S. pharmaceutical exports and a doubling of the amount of cars — from 25,000 to 50,000 — the U.S. can export to South Korea without being subject to the country’s more stringent safety regulations.
   Some provisions are not subject to further legal procedures and can be implemented immediately, including customs and pharmaceutical text, a USTR official said in an email.
   While the United States can bring into force and implement the entire amended agreement based on existing legislative authorities, South Korea must submit certain legal changes prescribed by the updated KORUS to its National Assembly for ratification, the USTR official said.
   Speaking before their bilateral meeting at U.N. Headquarters, Trump and Moon touted progress that the two countries have made in bringing North Korea further along in its denuclearization pledge, with Moon noting he “had a great trip to Pyongyang,” according to a translation of his remarks.
   “North Korea’s decision to relinquish its nuclear program has been officialized to a degree that not even those within North Korea can reverse,” Moon said, according to the translation.
   Trump added that while the U.S. is “in no rush,” Secretary of State Mike Pompeo is working with the North Korean government for a second diplomatic summit involving North Korean leader Kim Jong-Un, at a location to be determined, but in a “pretty short period of time.”
   “I really believe North Korea has tremendous economic potential,” Trump said. “And I believe that Chairman Kim and the people of North Korea want to see that potential arrived at, and we will help them to that end.” 
   House Ways and Means Committee Chairman Kevin Brady, R-Texas, and Ways and Means Trade Subcommittee Chairman Dave Reichert, R-Wash., applauded the KORUS signing.
   “South Korea is one of our closest allies and trading partners, and these updates to KORUS will put our trade relationship on an even stronger and more durable foundation,” Brady said in a statement. “The outcome is a win for both countries and will help ensure that our trade relationship with South Korea benefits all Americans.”
   KORUS has been in effect since March 2012.