The head of the Organization for Economic Cooperation and Development (OECD) said Wednesday the negotiation to amend the terms of the free trade agreement (FTA) between Seoul and Washington is unlikely to have a huge impact on the South Korean economy.
OECD Secretary-General Angel Gurria said South Korea has not been completely relying on the FTA in trade with the United States, adding the two countries have already had a long trade relationship.
The remarks were made during his joint press conference with Seoul Mayor Park Won-soon held in the capital city of South Korea on the sidelines of the Third Meeting of OECD Champion Mayors for Inclusive Growth slated for Thursday.
Earlier this month, the two countries agreed to begin the process of revising the FTA at Washington's request.
U.S. President Donald Trump has blamed the five-year-old deal for America's growing deficit in goods trade with South Korea. But Seoul has argued the deficit would be larger without the deal and called for a joint review of its impact on the two economies.
Also on Wednesday, South Korean Foreign Minister Kang Kyung-wha met with Gurria and discussed ways to expand the country's contribution to and cooperation with the international organization, according to the Ministry of Foreign Affairs.
|Angel Gurria (L), Secretary-General of the Organization for Economic Cooperation and Development, smiles during a joint press conference with Seoul Mayor Park Won-soon (R) held in the capital city of South Korea on Oct. 18, 2017. (Yonhap)|
Hwi Won email@example.com
<저작권자 © 코리아포스트, 무단 전재 및 재배포 금지>