South Korea and the United States have signed a revised free trade deal, paving the way for ratification by legislators in both countries, trade officials said Thursday. The two sides signed a sweeping agreement more than three years ago but delays in ratification prompted them to work out a fresh deal last December.
South Korea's trade ministry said it would take steps soon to get ratification through parliament where it has a majority. However, opposition parties are reluctant to endorse it, and past attempts by the ruling party to push through an earlier deal triggered violent clashes between lawmakers.
Under the renegotiated agreement, the United States will be allowed to keep its 2.5 percent tariff on cars for five years, while South Korea would immediately cut its present eight percent tariff in half. South Korea will also ease car safety and environmental standards so that each US automaker will be allowed to export 25,000 vehicles per year - four times the current level - that meet only US requirements. In return, South Korea will be allowed to extend by two years a 25 percent tariff on frozen pork imported from the United States.