Anchor: Trade Minister Joo Hyung-hwan has emphasized that the South Korea-U.S. free trade agreement is good for Americans as well as for Koreans. He told American business leaders that South Korea is willing to make the deal a more mutually beneficial platform by enhancing the country’s investment environment. The comments come amid lingering concerns that the incoming U.S. administration led by Donald Trump will demand a renegotiation of the FTA.
Mina Cha has more.
Report: Around 100 top representatives of U.S. companies operating in South Korea gathered for a regular forum in Seoul on Tuesday.
At the meeting of the American Chamber of Commerce Korea(AMCHAM), South Korea’s Minister of Trade, Industry and Energy Joo Hyung-hwan addressed concerns that the Donald Trump administration may request renegotiating the South Korea-U.S. free trade agreement(KORUS FTA).
He emphasized that the deal is mutually beneficial.
[Sound bite: Joo Hyung-hwan- Minister of Trade, Industry and Energy (English)]
“The KORUS [FTA] has brought many mutual benefits as indicated by the trade factor in good and services.”
Minister Joo anticipated that the launch of Donald Trump's administration will also create new business opportunities between the U.S. and South Korea.
He assured that efforts will be put forth to create an environment conducive to foreign investment in South Korea, such as easing excess government regulations.
AMCHAM Chairman James Kim voiced concerns on behalf of the U.S. side regarding uncertainties in trade.
[Sound bite: James Kim- chairman, American Chamber of Commerce Korea (English)]
“We talked about Brexit, we talked about President-elect Donald Trump, denouncing TPP, and now, there is a lot of discussions about China's Regional Comprehensive Economic Partnership."
American businessmen like Mr. Eric Thorpe, who runs a PR firm in South Korea, says U.S. businesspeople share the consensus that the KORUS FTA needs to be maintained.
[Sound bite: Eric Thorpe-managing partner, EDGE Communications (English)]
"A lot of my clients benefit from FTAs between their home country and Korea. So, it's something that should continue... "
To further promote the KORUS FTA among Americans, the South Korean government has launched a South Korea-U.S. trade council comprising related economic organizations, industries and research institutes.
Mina Cha, KBS World Radio News.