10-year KORUS FTA discussion… Reinforcing Relations Amid favorable reviews, deepening cooperation in the future One voice
“Trade increased by 70%”… “Economy and trade and investment expand beyond imagination 10 years ago”
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(Washington = Yonhap News) Correspondent Ryu Ji-bok = On the 15th, ahead of the 10th anniversary of the entry into force of the Korea-US FTA, a discussion forum was held to explore the effects of the FTA and future cooperation.
The Korea Institute for Foreign Economic Policy (KIEP) and the US think tank Korea-US Economic Research Institute (KEI) held a discussion forum in Washington DC on the same day under the theme of ‘Evaluation of the 10-year KORUS FTA and the future of Korea-US economic relations’.
The participants expressed their unanimous opinion on the need to deepen cooperation in the future, valuing that the two countries have greatly increased the volume of trade and strengthened economic relations despite the hardships experienced until the KORUS FTA went into effect.
In his keynote speech, Yeo Han-koo, head of trade negotiations at the Ministry of Trade, Industry and Energy, compared the KORUS FTA to a ‘boost shot’ of trade and investment between the two countries, and evaluated that the economic partnership took a step forward and an essential partnership was established.
It was also a ‘game changer’ that transformed the Korea-US partnership into a fair and strategic partnership, he said.
After mentioning the cases of cooperation between the two countries one by one, Director Yeo expressed his intention to cooperate with the Indo-Pacific Economic Framework (IPEF) promoted by the US government, saying, “Now is the right time to plan for the future for the next 10 years.”
IPEF is an economic cooperation initiative that the Joe Biden administration focused on trade promotion, digital economy, and supply chain resilience to check China’s expanding economic influence, and South Korea’s participation is also expected.
“The IPEF will serve as a good platform for both countries to build on the successful experience of FTAs over the past 10 years,” Yeo said. I’m sure it will open up.”
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“The Korea-US FTA has been one of the most important factors in the development of economic relations between the two countries over the past decade,” said Lee Soo-hyuk, Ambassador to the United States.
Ambassador Lee said that the US-ROK military and security alliance has been developed into a more strategic and comprehensive alliance, in part by the KORUS FTA.
“The Korea-US FTA has greatly contributed to the promotion of economic and trade between the two countries and increased consumer welfare,” said Lee Hak-young, chairman of the National Assembly’s Industrial, Trade, and Resources SMEs and Startups Committee. We look forward to building a field of cooperation between Korea and the United States.”
KEI Director Kathleen Stevens, who served as the US ambassador to Korea, noted that there was bipartisan and nonpartisan support from both countries, saying that the FTA has moved forward in coordination with each other despite the change of governments in the past 16 years since the Korea-US FTA negotiations started in 2006. .
He said, “The FTA deepened and strengthened the relationship between the two countries. In addition to the traditional pillar of security, which has been very strong over the past 70 years, it has created a pillar,” he said. It has deepened and expanded.”
Wendy Cutler, the former deputy chief of the US Trade Representative (USTR), who was the chief US representative at the time of the Korea-US FTA negotiations, said that it was a very proud moment, saying that the FTA was a win-win and benefited both countries, but neither side imagined such a benefit at the time of the negotiations.
jbryoo@yna.co.kr
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2022/03/15 01:44 Send