UPDATED 7:04 AM PT — Fri. Oct. 12, 2018
South Korea is holding up its end of the bargain by asking its parliament to ratify the trade deal reached with President Trump last month. The country’s trade ministry filed the necessary paperwork early Friday.
President Trump and his South Korean counterpart signed off on the deal in September, updating the current Free Trade Agreement between the two countries.
President Trump praised the deal as a solution to the trade deficit, adding, it will give American manufacturers better access to the Korean market.
“The new U.S.-Korea agreement includes significant improvements to reduce our trade deficit and to expand opportunities to export American products to South Korea,” said the president. “These outcomes give the finest American made automobiles, innovative medicines, and agricultural crops access to Korean markets — I think our farmers are going to be extremely happy.”
After South Korea’s parliament approves the agreement, it will need confirmation from Congress to finally go into effect.