Prime Minister Kim: "10 Years of Korea-US FTA, Achieving Mutual Win-Win Results"

[Image source=Yonhap News]

[Asia Economy Sejong=Reporter Kim Hyewon] Prime Minister Kim Boo-kyum stated on the 15th, "The Korea-US Free Trade Agreement (FTA) has acted beneficially for both South Korea and the United States, driving quantitative growth and solidifying the cooperative relationship between the two countries as global key partners."

On the same day, Prime Minister Kim held the 12th Cabinet Meeting at the Government Complex Sejong and emphasized, marking the 10th anniversary of the Korea-US FTA, "Despite various global economic crises, the Korea-US FTA has produced mutually beneficial outcomes based on the core of economic cooperation between the two countries."

Prime Minister Kim explained, "Last year, the trade volume between the two countries increased by about 70% compared to 2011 when the FTA was enacted, and investment volume also increased two to three times compared to that time." He added, "Today, the world is overcoming fierce waves of supply chain restructuring," and expressed hope that "the two countries will actively cooperate to stabilize the global supply chain based on the close economic cooperation built over many years." He further stated, "The government will focus all its capabilities not only on expanding the trade network through the FTA but also on strengthening regional cooperation on major trade issues such as supply chains and the digital economy to strategically respond to the new external economic order."

Regarding the Enforcement Decree of the Telecommunications Business Act, which prohibits forced in-app payments and imposes user protection obligations on app market operators, he said, "It includes provisions to prevent not only direct enforcement of specific payment methods such as refusal or blocking of content registration but also indirect evasion of regulations, which will greatly help protect the rights and interests of app developers and users." He urged the Korea Communications Commission to ensure the smooth enforcement of the revised law and actively implement user rights protection systems so that the public can feel the benefits, aiming to create a fair app ecosystem.

Prime Minister Kim also reiterated, "Please ensure that the handover to the next government is thorough and without any gaps so that work can continue seamlessly."

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