"Korea-U.S. reached principle agreement on KORUS FTA amendment: Trade Minister

After reporting to the Cabinet, South Korea's Trade Minister Kim Hyun-jong held a press conference this morning to explain the results of the negotiations on the Korea-US. Free Trade Agreement. He said the agreement has been reached in principle, and that South Korea has secured a steel tariff exemption from the U.S.,... but there will be quotas on steel exports.Seoul has agreed to lift some of the safety and environmental regulations in Korea's auto sector, and extend tariffs imposed on Korean pick-up trucks exported to the U.S.In return, he said Korea will not further open its agricultural and auto parts markets,... and that the U.S. has agreed to minor revisions of the investor-state dispute settlement clause.