Trade Doubled After Korea-US FTA Enforcement... Rising Export Trend to the US

70th Anniversary Seminar of the ROK-US Alliance on the 24th
Andukgeun: "From Security Alliance to Economic Alliance Development"

Last year, the trade volume between Korea and the United States reached $191.6 billion, nearly doubling from $100.8 billion in 2011 over the span of about 10 years.

On the afternoon of the 24th, Ahn Deok-geun, Director General for Trade Negotiations at the Ministry of Trade, Industry and Energy, attended the "70th Anniversary of the Korea-US Alliance Commemorative Korea-US Tariff Policy and Customs Issues Case Seminar" held at the Trade Tower in Seoul, stating, “Since the implementation of the Korea-US FTA (Free Trade Agreement), the trade volume between the two countries has nearly doubled.”

Investment volume between the two countries has also increased significantly. According to the Ministry of Trade, Industry and Energy, Korean investment in the US grew 3.4 times from $43.9 billion during 2002?2011 to $149.5 billion during 2012?2021, while US investment in Korea doubled from $24.3 billion during 2002?2011 to $48.0 billion during 2012?2021.

Director General Ahn added, "The Korea-US alliance has evolved from a security alliance to an economic alliance since the Korea-US FTA," and said, "As active exchanges and cooperation between companies are important, the government will also actively support investment attraction and the advancement of our companies into the US market, creating a friendly environment so that companies can conduct economic activities without difficulties."

The seminar commemorating the 70th anniversary of the Korea-US alliance was jointly hosted by the Korea International Trade Association, the Korea-US Economic Council, the American Chamber of Commerce in Korea (AMCHAM), the Korea Customs Service, and the US Customs and Border Protection (CBP). It was held to enhance understanding of tariff policies and procedures between the two countries and to share customs-related cases to improve companies’ related knowledge.

Officials from the Korea Customs Service and the US Customs and Border Protection attended the seminar to introduce policies of both countries regarding tariff issues, electronic transactions, intellectual property rights, certificates of origin, and foreign exchange transactions, and to respond to companies’ inquiries.

Henry Ahn, Chairman of the American Chamber of Commerce in Korea, said, “This year marks the historic 70th anniversary of the Korea-US alliance, and economic cooperation is a core element of the bilateral partnership,” adding, “To maintain the momentum of Korea-US economic cooperation, it is necessary to become familiar with each other’s tariff policies and current issues.”

Jung Man-ki, Vice Chairman of the Korea International Trade Association, said in his welcoming remarks, “The trade surplus with the US in the first quarter of this year reached $7.2 billion, and exports to the US are expected to continue to increase for the time being.” He also mentioned, “I hope this seminar will serve as an opportunity not only to promote tariff cooperation but also to strengthen industrial cooperation between the two countries.”

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