Seoul: Finance Minister Koo Yun-cheol announced the forthcoming establishment of a joint committee under the South Korea-U.S. Free Trade Agreement (FTA) to implement a recently reached tariff deal between the two countries.

According to Yonhap News Agency, the agreement, finalized in late October, includes South Korea's commitment to a US$350 billion investment in exchange for reduced U.S. tariffs. This deal was concluded during summit talks between South Korean President Lee Jae Myung and U.S. President Donald Trump.

Minister Koo stated that the South Korea-U.S. FTA Joint Committee aims to ensure the proper execution of the agreed measures. This announcement was made during a meeting with economy-related ministers.

Recently, the Trump administration published a notice on the Federal Register regarding the implementation of specific tariff elements from the trade deal. This includes a reduced duty rate of 15 percent on Korean automobiles, retroactive from November 1.

Koo emphasized the importance of close consultation with Washington to ensure the detailed implementation plan for non-tariff measures aligns with national interests. He also committed to expediting discussions on other tariff-reduced items, such as generic pharmaceuticals and natural resources, to facilitate swift tariff reductions.