Joint Statement by Korea-US Trade Ministers... Agreement to Establish New Trade Consultation Channel

[Image source=Yonhap News]

[Asia Economy Reporter Lim Chun-han] South Korea and the United States have agreed to establish enhanced consultation channels to effectively address new trade issues such as supply chains, new technologies, and digital matters. They also agreed to hold the Korea-US Free Trade Agreement (FTA) Labor Council and Environmental Council as soon as possible to advance cooperation in labor and environmental fields.

Yeo Han-gu, Director-General for Trade Negotiations at the Ministry of Trade, Industry and Energy, and Katherine Tai, U.S. Trade Representative (USTR), announced a joint statement containing these details after concluding the "6th Korea-US FTA Joint Committee" in Seoul on the 19th.

The Korea-US trade ministers reaffirmed in the statement the importance of the strong economic and trade partnership between the two countries and the pivotal role of the Korea-US FTA as the foundation for strengthening bilateral relations. They also agreed to develop Korea-US trade relations in a future-oriented manner and to jointly commemorate the 10th anniversary of the Korea-US FTA scheduled for March 15 next year.

In particular, the two ministers agreed to approach new global trade issues such as supply chains, new technologies, digital ecosystems, and trade revitalization through enhanced consultation channels to strengthen cooperation between the two countries. They confirmed the importance of labor and environmental agendas for improving public welfare and agreed to hold the Korea-US FTA Labor Council and Korea-US FTA Environmental Council as soon as possible to advance cooperation in labor and environmental fields.

The Korea-US trade ministers discussed the need to establish sustainable, resilient, inclusive, and competitive trade policies to achieve shared prosperity. They also discussed mutual concerns related to the implementation of the Korea-US FTA and agreed to maintain close consultations on these matters going forward. Furthermore, they emphasized exploring mutually beneficial measures to further develop bilateral trade relations.

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