April 24, 2024

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[THE INVESTOR] The Cabinet approved a revision to the free trade agreement with the United States on Sept. 18 before the pact goes to the National Assembly for ratification.

The agreement, which first went into effect in 2012, has been revised at the request of the US. 

Key points of the revision include the US extending a 25 percent tariff on imports of Korean pickup trucks by another 20 years to 2041 and Korea doubling the 25,000-vehicle unit threshold for US car imports that do not have to comply with domestic industry regulations.

Following the Cabinet’s approval and President Moon Jae-in’s endorsement, the government will send the revised pact to the National Assembly for ratification.

By Song Seung-hyun and newswires (ssh@heraldcorp.com)