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S. Korea to highlight benefits of FTA with U.S. to guard against protectionism

All News 15:17 February 07, 2017

SEOUL, Feb. 7 (Yonhap) -- South Korea plans to reach out to the new U.S. administration as well as American congressmen and business circles to highlight the benefits of the free trade agreement (FTA) between the two countries, the foreign ministry said Tuesday, announcing a set of economic diplomacy efforts to combat protectionism.

The foreign ministry will arrange conferences and seminars with U.S. policymakers, Congress, business sectors and academics to stress the mutually beneficial effects of the bilateral FTA, according to the Ministry of Foreign Affairs.

The ministry "will respond aggressively to the spread of protectionism in regards to import regulations practiced by foreign governments as well as changes to the global trade environment," the ministry said.

The ministry will look for potential areas for economic cooperation with the U.S. in a bid to formulate a win-win relationship with the Donald Trump administration, it noted.

To make its point, the ministry will hold a meeting of high-level officials from the country's diplomatic missions in the U.S., Canada and Mexico this week.

In the meeting slated for Friday in Washington, the South Korean diplomats will look at Washington's economic and trade policies and how the changes would impact South Korean companies, according to the ministry.

Previously, President Trump called for a renegotiation of the bilateral FTA during his campaign and accused South Korean companies of stealing U.S. jobs.


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