Korea-US Business Circles Urge Withdrawal of Excessive Restrictions under Trade Expansion Act Section 232

The 32nd Annual Meeting of the Korea-US Business Council

Huh Chang-soo, Chairman of the Federation of Korean Industries, is giving a greeting speech at the presentation ceremony of a plaque of appreciation for the late Cho Yang-ho, Chairman of Hanjin Group, during the 32nd Korea-US Business Council General Assembly held at the Federation of Korean Industries building in Yeongdeungpo-gu, Seoul on the 18th. Photo by Kim Hyun-min kimhyun81@

[Asia Economy Reporter Dongwoo Lee] The business communities of South Korea and the United States have proposed the withdrawal of excessive trade restriction measures such as those under Section 232 of the U.S. Trade Expansion Act. The two countries' business sectors pledged sustainable growth through cooperation for the growth of the digital economy.

On the 18th, the Federation of Korean Industries and the U.S. Chamber of Commerce adopted a joint declaration containing these points at the 32nd Annual Meeting of the Korea-U.S. Business Council held over two days starting from the 17th.

The declaration urged the rejection of trade restriction measures that undermine the global free trade system and expressed a shared commitment by the business communities of both countries to cooperate in promoting sustainable economic growth.

In particular, they agreed on the recognition that Section 232 of the U.S. Trade Expansion Act threatens the Korea-U.S. economic alliance and concurred on the necessity of a complete revision. Section 232 allows the U.S. to restrict imports and impose tariffs if it determines that its trade security is threatened.

Furthermore, they called for strengthening the cooperation between the two countries to respond to future crises through reinforcing and diversifying global supply chains amid the spread of the novel coronavirus disease (COVID-19). To this end, the two countries proposed actively utilizing opportunities for cooperation across the broad digital economy, including 5th generation mobile communications (5G), artificial intelligence (AI), and emerging technologies.

The committee shared the view that it is important to maintain continuous dialogue with the private sector to ensure that new regulations developed in the process of establishing new technology requirements related to AI, cloud, other data, and cybersecurity challenges do not lead to non-tariff and technical barriers.

They also agreed to jointly discuss promoting responsible global development and deployment of 5G, strengthening cooperation to improve the public health sector and innovation in the bio field, and expanding sustainable business practices in the private sectors of both South Korea and the U.S.

The committee stated, "The implementation of these recommendations by investors, employees, and economic leaders of both countries will serve as a driving force for innovation and sustainable economic growth in South Korea and the United States."

This meeting was held by connecting participants from Korea and the U.S. via video conference due to the impact of COVID-19, discussing the theme of "Deepening Korea-U.S. Trade Relations and Economic Growth and Innovation." The committee agreed to hold the 33rd Korea-U.S. Business Council Annual Meeting in Korea in the fall of 2021.

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