"Korea-U.S. reached principle agreement on KORUS FTA amendment: Trade Minister

After reporting to the Cabinet, South Korea's Trade Minister Kim Hyun-jong held a press conference this morning to explain the results of the negotiations on the Korea-US. Free Trade Agreement. <br /> He said the agreement has been reached in principle, and that South Korea has secured a steel tariff exemption from the U.S.,... but there will be quotas on steel exports.<br />Seoul has agreed to lift some of the safety and environmental regulations in Korea's auto sector, and extend tariffs imposed on Korean pick-up trucks exported to the U.S.<br />In return, he said Korea will not further open its agricultural and auto parts markets,... and that the U.S. has agreed to minor revisions of the investor-state dispute settlement clause. <br />