Korea-US Business Circles: "Bilateral Business Environments Must Improve to Overcome COVID Economic Crisis"

The Federation of Korean Industries Holds the 32nd Korea-US Business Council General Meeting with the US Chamber of Commerce on the 17th-18th
Urging Amendment of Section 232 of the US Trade Expansion Act, Discussing Industrial Cooperation Measures to Overcome the COVID-19 Crisis

Huh Chang-soo, Chairman of the Federation of Korean Industries / Photo by Kang Jin-hyung aymsdream@

[Asia Economy Reporter Changhwan Lee] For the first time since the U.S. presidential election, economic organizations from Korea and the United States met to share efforts to improve the business environment in both countries.

The Federation of Korean Industries (FKI) announced that it jointly held the "32nd Korea-U.S. Business Council General Assembly" on the 17th at the FKI Hall in Yeouido, Seoul, together with the U.S. Chamber of Commerce.

Under the theme of "Deepening Korea-U.S. Trade Relations and Economic Growth & Innovation," the two-day joint meeting held until the 18th discussed topics such as resolving Korea-U.S. trade issues, cooperation tasks to overcome the COVID-19 crisis including the Korean New Deal and digital economy, deepening the Korea-U.S. alliance, and the progressive future of Korea-U.S. relations.

In particular, at this meeting, participants from both countries agreed that the trade remedy measures under Section 232 of the U.S. Trade Expansion Act undermine the free international trade order and threaten the Korea-U.S. economic alliance, strongly urging legislative amendments.

Section 232 of the Trade Expansion Act allows the U.S. to impose import restrictions or high tariffs if imports are deemed to threaten U.S. trade security; this law was revived by the Donald Trump administration to regulate companies.

Regarding the class action lawsuit system under discussion for introduction in Korea, the Korean side expressed concerns, and the U.S. side shared experiences including the problems related to the introduction of the class action system in the U.S.

Additionally, both governments agreed to propose to their respective governments a COVID-19 response strategy that minimizes self-quarantine for businesspeople after international travel through integrated operation of pre-departure testing and epidemiological investigations. The Korea-U.S. business communities adopted a joint statement of the 32nd Korea-U.S. Business Council reflecting these contents.

On the second day, discussions on industrial cooperation measures to overcome COVID-19

On the following day, the 18th, the meeting is scheduled to discuss Korea-U.S. industrial cooperation measures to overcome the COVID-19 crisis.

Yoon Tae-sik, Deputy Minister for International Economic Affairs at the Ministry of Economy and Finance, will introduce the "Korean New Deal" and business opportunities for global companies. Also, regarding ESG (Environmental, Social, and Governance), which has recently become a hot topic in the economic sector, Korea's SK and the U.S.'s 3M will each share best practices.

A ceremony to present a plaque of appreciation for the late Cho Yang-ho, former chairman of Hanjin Group and one of the six co-chairs of the Korea-U.S. Business Council who served for the past six years, will also be held. Huh Chang-soo, chairman of the Korea-U.S. Business Council, will present the plaque to Cho Won-tae, chairman of Hanjin Group, asking him to carry on Cho Yang-ho's legacy and strengthen economic cooperation between the two countries.

Chairman Huh emphasized the importance of the Korea-U.S. alliance, saying, "In a situation where both countries are experiencing an unprecedented economic crisis due to COVID-19, cooperation between the two countries is more urgent than ever to overcome the crisis. It was because of the Korea-U.S. alliance, which has grown stronger over the past 70 years since the Korean War, that close economic cooperation enabling both countries to overcome the crisis together was possible."

He also said, "We will strengthen cooperation in the digital economy sector, whose importance has increased due to COVID-19, and do our best at the Korea-U.S. Business Council level to improve the current Korea-U.S. trade issues."

The meeting was attended by key figures from both countries' legislatures and governments, including Byun Jae-il, chairman of the Korea-U.S. Parliamentary Diplomacy Forum; Choi Jong-geun, First Vice Minister of Foreign Affairs; Yoon Tae-sik, Deputy Minister of Economy and Finance (International Economic Affairs); Stephen Biegun, U.S. Deputy Secretary of State and Special Representative for North Korea; Cordell Hull, Acting Deputy Secretary for Industry and Security at the U.S. Department of Commerce; as well as major companies from Korea and the U.S. such as Samsung, Hyundai Motor, SK, Korean Air, Amazon, and 3M. The meeting was conducted in a hybrid format with on-site Korean participants connected via video conference to U.S. participants.

This content was produced with the assistance of AI translation services.