"US Biden Inauguration as an Opportunity to Expand Korea-US Trade Cooperation Focused on Advanced Industries"

[Asia Economy Reporter Jeong Hyunjin] As the U.S. administration under Joe Biden is expected to maintain a protectionist stance while implementing tough policies against China and emphasizing labor and environmental issues in trade policy, domestic economic experts advised expanding Korea-U.S. trade cooperation centered on advanced industries and urged the industrial sector to reorganize trade strategies in preparation for economic bloc conflicts among major countries.

The Korea International Trade Association's Institute for International Trade and Commerce announced on the 16th that it held an online discussion titled "Direction of Korea-U.S. Trade Cooperation after the Inauguration of the Biden Administration." Experts attending the discussion included Choi Yongmin, Director of the Institute for International Trade and Commerce at the Trade Association; Park Taeho, Director of the International Trade Research Institute at the law firm Kwangjang; Professor Ahn Deokgeun of Seoul National University Graduate School of International Studies; Professor Jeong Ingyo of Inha University Department of International Trade; and Senior Research Fellow Jeong Cheol of the Korea Institute for International Economic Policy.

The experts stated, "With the inauguration of the new U.S. administration, Korea-U.S. trade and industrial cooperation should be expanded," adding, "Arbitrary U.S. measures such as Section 232 actions taken by the Trump administration against allies citing security threats, and the application of 'Particular Market Situation (PMS)' in anti-dumping investigations even to market economy countries like Korea, should be minimized."

Director Choi identified the "exception to the Trump administration's Section 232 measures" as the top priority issue in Korea-U.S. trade, saying, "It is necessary to convey concerns about excessive protectionist measures to the Biden administration and request the withdrawal of Section 232 measures on steel and aluminum imposed on allies." Regarding Korea-U.S. trade cooperation, he emphasized, "Recently, trade between the two countries has expanded in finished products and materials, parts, and equipment sectors, centered on advanced industries such as electric vehicles and semiconductors," and added, "Industrial cooperation should be expanded focusing on key advanced industries, and based on this, bilateral trade issues should be resolved."

Professor Ahn said, "The confrontation between the China and Belt and Road economic bloc and the economic blocs centered on the U.S., European Union (EU), and Japan is becoming entrenched," and stressed, "It is urgent for our industrial sector to reorganize trade strategies in preparation for the decoupling of industrial ecosystems." He also expressed concern, saying, "The Biden administration's pro-environment and pro-labor policies and tough stance against China could pose new challenges and burdens to our industrial sector."

Professor Jeong Ingyo forecasted, "More than 30 years after the collapse of the Cold War system, the U.S. stance on global leadership has changed. The Biden administration's trade policy is expected to manifest as unilateral protectionism and America-first nationalism, similar to the Trump administration." Senior Research Fellow Jeong Cheol said, "To respond to changes in the trade environment arising from emerging new trade issues such as climate change and digital transformation, it is necessary to establish Korea-U.S. channels for the Green New Deal, digital trade activation, and research and development (R&D) cooperation."

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