South Korea, U.S. Said to Reach Accord on Revising Pending Free-Trade Pact

The U.S. and South Korea reached agreement on revising a pending free-trade agreement, including a phase-out of auto tariffs over five years, according to a person briefed on the negotiations.

The two sides wrapped up meetings today in Columbia, Maryland, with U.S. Trade Representative Ron Kirk saying “substantial progress” has been made during the talks.

To contact the reporter on this story: Mark Drajem in Washington at mdrajem@bloomberg.net

To contact the editor responsible for this story: Steve Geimann at sgeimann@bloomberg.net

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