TOKYO (Pakistan Point News / Sputnik - 31st December, 2018) A revamped US-South Korean free trade deal will come into effect on January 1, 2019, the Korean Trade Ministry said Monday.
The countries have been renegotiating the deal since January 5. The Korean parliament ratified it earlier in December, and the copies will be exchanged at a ceremony next month.
The ministry was quoted by the Yonhap news agency as saying that the deal was finalized in a very short time and the countries had ironed out all differences, ensuring stability and predictability of their trade ties.
Under the terms of the deal, US automobile makers will be able to export 50,000 cars to South Korea, up from 25,000 allowed by the 2007 agreement.
