Martial Arts and the 70th Anniversary of the South Korea-US Alliance: Prospects Seminar Held

"Companies Must Enhance Understanding of the Biden Administration's Economic and Trade Policies"

Exterior view of the Trade Tower, home to the Korea International Trade Association / Provided by Korea International Trade Association

[Asia Economy Reporter Kim Pyeonghwa] The Korea International Trade Association (KITA) held the '2023 U.S. Economic and Policy Outlook and Market Entry Seminar' on the 18th at COEX in Samseong-dong, Seoul, in collaboration with the American Chamber of Commerce in Korea (AMCHAM). This seminar was held to mark the 70th anniversary of the Korea-U.S. alliance next year and to create a turning point for strengthening the economic and security alliance.

At the seminar, discussions were held on the outlook for U.S. trade, economy, major policy issues, and the results of the midterm elections for the coming year. Presentations also followed on considerations for investing in the U.S. and successful cases of Korean companies entering the U.S. market.

Juwon, head of the Economic Research Office at Hyundai Research Institute, stated in the presentation on ‘Key Issues and Outlook of the U.S. Economy’ that “The U.S. economy in 2023 is expected to be somewhat sluggish due to high interest rates,” and emphasized that “With the U.S. entering an era favorable to domestic production due to its Global Value Chain (GVC) restructuring strategy, our companies need to enhance their understanding of the Biden administration’s economic policies.”

Nicole Averbach, partner attorney at White & Case, explained in her presentation on ‘2023 U.S. Trade Policy Outlook’ that “Due to U.S. industrial and trade policies, Korean companies may face burdens such as having to reduce transactions with certain countries to maintain business with the U.S.,” but added, “Conversely, if subsidies provided by the U.S. to specific manufacturing industries are properly utilized, market share in the U.S. can be increased.” She also mentioned that “the Indo-Pacific Economic Framework (IPEF) could be an opportunity to expand Korea-U.S. digital trade.”

Seongdae Cho, head of the Trade Support Center at KITA, who presented on ‘U.S. Midterm Election Results and Outlook,’ said regarding the U.S. midterm election results that “There is expected to be little change on bipartisan issues such as China containment and support for industrial competitiveness,” but forecasted that “Since the Republicans will lead the House, the pace of policy implementation by the Biden administration and the Democratic Party on issues like climate change will likely slow down somewhat.”

KITA and AMCHAM expressed their commitment to cooperation between Korea and the U.S. Kim Hyuncheol, head of KITA’s Global Cooperation Division, said, “2023 marks the 70th anniversary of the Korea-U.S. alliance,” and added, “KITA will actively support expanding exchanges between the two countries to make this a turning point for strengthening the economic and security alliance.”

James Kim, chairman of AMCHAM, stated, “Korea and the U.S. are closest trading partners, and changes in one country greatly affect the other,” and added, “AMCHAM supports the strong Korea-U.S. partnership and will continue to help many companies from both countries participate in this partnership.”

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