The President talks about the new free trade and fair trade agreement with South Korea, which contains groundbreaking environmental and labour standards on December 3, 2010. READ the SEOUL (Reuters) transcript – South Korean and U.S. officials failed on Tuesday to agree on how to advance talks on their five-year-old free trade agreement, which Washington wants to change to reduce its trade deficit with Asia`s fourth-largest economy. In a statement released in Washington, Lighthizer said the U.S. trade deficit with South Korea had more than doubled last year since KORUS went into effect to $27.6 billion, and seoul`s non-tariff barriers were a problem for U.S. products. The U.S.-Korea Free Trade Agreement (2) is a trade agreement between the United States of America and the Republic of Korea.  is a trade agreement between the United States and South Korea. The negotiations were announced on 2 February 2006 and completed on 1 April 2007.
The contract was first signed on June 30, 2007 and a renegotiated version was signed in early December 2010.   Shortly after U.S. President George W. Bush and his South Korean counterpart Roh Moo-hyun signed, rumors spread about a possible renegotiation of the text, citing possible opposition from U.S. Democrats. However, Kim Jong-Hoon, South Korea`s chief negotiator for the 10-month talks that brought about the free trade agreement, denied such rumours, with reporters saying, “The deal has been reached, and that`s it. There will be no renegotiations. [Quote required] Kim`s comment came after her U.S. counterpart Wendy Cutler, the U.S. Deputy Trade Representative for Japan, Korea and APEC and the chief negotiator for the KORUS-FTA negotiations, suggested that Democrats could call for changes in the field of labour.  Another KORUS amendment deals with bureaucracy, which concerns customs procedures. Korean customs traditionally require more detailed documentation in relation to U.S. customs, a practice that acts as a non-tariff barrier to trade.
While in the United States, Customs and Border Guards primarily examine Tier 1 suppliers (direct suppliers of primary OEMs) as long as quotas exist for manufacturers lower in the supply chain, the Korean Customs Service often requires much more documentation, even for suppliers as far away as Tier 3 (raw material suppliers).33 The korus renegotiation has drawn up a list of eight principles. aimed at reducing this customs slowdown and calls for the creation of a working labour slowdown. 34 Article 22.1 of the U.S.-Korea Free Trade Agreement establishes a joint committee to oversee the implementation of the agreement and to review trade relations between the parties.