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US accept 3 demands during FTA talks

13
Mar '07
Final official round of Free Trade Agreement talks between South Korea and the United States ended on Monday.

The US have accepted three demands from South Korea out of the 30 issues in 19 negotiation sectors.

The three concessions that Korea gained include restrictions on US farm product in accordance with the market situation.

Another is that Korean companies will find no hurdles while participating in bidding on the US procurement market.

The last demand which is accepted by US is the rejection of setting up special antitrust regulations targeting chaebol, the country's family-owned conglomerates.

The South Korean part has accepted 12 US demands.

Among the 12 points the US gained are rejection of Korea's request to ease the yarn forward rule, which says that yarn used to make fabric must be from Korea.

Korea also accepted the US demand giving companies of each country the right to file lawsuits against each others' government and government agencies.

Both the countries want to clinch the free trade deal before March 31 during the scheduled high-level talks which will start on March 19.

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