October 12, 2018 / 8:12 AM / 2 months ago

South Korea's trade ministry asks parliament to ratify revised FTA with U.S

SEOUL (Reuters) - South Korea’s trade ministry said on Friday that it has submitted a bill to its parliament to ratify a revised free trade agreement with the United States.

South Korea and the United States signed the revised pact in September, but both countries need approval from their legislatures before the deal can come into effect.

The FTA, known as KORUS, was renegotiated to address U.S. concerns over the trade imbalance in favour of South Korea.

Reporting By Jane Chung; Editing by Simon Cameron-Moore

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