S Korea pushes for renegotiation of trade pact with US

South Korea's trade ministry on Monday stated that it will push to commence the talks with United States over the amendment of free trade agreement (FTA) within a month or so.

The ministry had reported to parliament a plan to renegotiate the five-year-old trade deal with the US, in response to, Trump's demand to rewrite terms of the pact he called "horrible", citing trade deficits in the manufacturing sector, reported the South Korean news agency Yonhap.

Specific dates for renegotiations will be determined in future.

"There is a possibility that the U.S. could demand abolishing remaining tariffs on goods and adjusting duties on major items to resolve the trade imbalance between the two nations. The U.S is especially interested in improving the market access in auto parts, such as lowering non-tariff barriers," the ministry said in the report.

The two nations are likely to negotiate a slew of issues, including merchandise, service, investment, source of origin and non-tariff regulations, at the negotiating table, the ministry said.

In order to commence talks, the US administration must write a letter to Congress notifying it of the intention to launch FTA negotiations in 90 days.

In addition to this, it ought to hold public hearings and disclose its goal 30 days prior to official talks, the agency reported.