USTR Representative from the US Expects Expansion of Exports in Korean Agricultural Products and Automobile Markets

[Image source=Yonhap News]

[Asia Economy Sejong=Reporter Dongwoo Lee] Katherine Tai, United States Trade Representative (USTR), stated on the 15th (local time) that there is potential for growth of U.S. agricultural products in the Korean market. She also mentioned the need to expand exports of U.S. automobiles to Korea.

Representative Tai made these remarks at an event jointly hosted by the Korean and U.S. Chambers of Commerce in Washington DC to commemorate the 10th anniversary of the Korea-U.S. Free Trade Agreement (FTA).

Tai emphasized, "U.S. agricultural exports to the Korean market have increased by 35% over the past 10 years, and Korea is the top export destination for U.S. beef," adding, "There is room for growth of U.S. agricultural products in the Korean market."

She also noted, "Last year, U.S. automobile exports to Korea amounted to $3.2 billion, making Korea the fifth largest export market," and added, "We will focus on expanding export opportunities to Korea."

Tai stated, "Over the past decade, U.S. exports of goods and services have increased by nearly 70%, reaching close to $70 billion," and expressed the intention to strengthen intergovernmental cooperation by saying, "Along with the success of the FTA, we have also faced disappointments and challenges during its implementation."

Referring to her scheduled visit the next day to SK Siltron's wafer plant in Michigan, Tai praised Korea's increased investment in the U.S., saying, "SK is doubling employment and strengthening manufacturing and production capabilities in the electric vehicle sector."

Yeo Han-gu, Director General for Trade Negotiations, emphasized, "The Korea-U.S. FTA is, metaphorically, a 'booster shot' and a core pillar of bilateral relations," adding, "Despite the overall decline in trade after COVID-19, exports of U.S. products to Korea, including electric vehicles, are performing well."

He also highlighted the interconnection of industries between the two countries by mentioning Hyundai and Kia's plant in Georgia, Samsung Electronics' plant in Austin, Texas, and LG's investment in electric vehicle batteries, stating, "Korea and the U.S. are closely linked in supply chain sectors such as semiconductors, batteries, and electric vehicles."

Lee Hak-young, Chair of the National Assembly Industry Committee, said, "It is clear that economic cooperation between the two countries has strengthened over the 10 years since the Korea-U.S. FTA came into effect, but the international trade environment is challenging," adding, "The Korea-U.S. alliance grows stronger in times of crisis. We must strengthen cooperation on new trade issues and lead the establishment of a new order."

The event was held to commemorate the enforcement of the Korea-U.S. FTA (March 15, 2012), with many government officials, lawmakers, and businesspeople from both countries in attendance.

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