Businesspeople from South Korea and the U.S. have agreed to step up cooperation in the digital economy and also reject measures that restrict free trade.

The Federation of Korean Industries and the American Chamber of Commerce in Korea on Wednesday concluded the 32nd General Assembly of the Korea-U.S. Business Council and announced a joint declaration.

The two sides agreed to actively support Seoul government policy on bilateral cooperation for the digital economy, stronger crisis management capabilities and expressed support for the Korean New Deal Initiative.

They also agreed to reject restrictive measures that hinder free trade, citing as an example Section 232 of the U.S. Trade Expansion Act. That section allows the U.S. president under certain circumstances to impose tariffs based on the recommendation from the U.S. Secretary of Commerce if a product is being imported into the United States threatens or impairs national security.  

The organizations urged both governments, in cooperation with other countries, to remove such restrictions.