Visiting Minister Bang Moon-kyu Meets U.S. Deputy Secretary of Commerce, "Need to Strengthen Semiconductor Cooperation"

Meeting Document Discussing Korea-US Economic and Trade Cooperation Plans

Minister of Trade, Industry and Energy Bang Moon-kyu met with Don Graves, U.S. Deputy Secretary of Commerce, who is visiting Korea, on the 22nd to discuss economic and trade cooperation between Korea and the United States.

The U.S. Department of Commerce is responsible for major trade issues such as semiconductors, advanced industries, and export controls. This is Deputy Secretary Graves' first visit to Korea. According to the Ministry of Trade, Industry and Energy, through the ministerial visit and a meeting with the Director-General for Trade Negotiations, the two countries consulted on key trade issues including advanced industries, supply chains, trade and technology security, the Semiconductor Act, and the Inflation Reduction Act (IRA).

Minister Bang evaluated that the Korea-U.S. relationship has developed into an advanced industry and technology alliance through the Korea-U.S. summit in April and the Korea-U.S.-Japan summit in August, and that in addition to the existing ministerial-level Supply Chain and Industrial Cooperation Dialogue (SCCD) between Korea’s Ministry of Trade, Industry and Energy and the U.S. Department of Commerce, the Korea-U.S.-Japan Ministerial Meeting on Industry established in August has enabled more institutionalized cooperation.

Minister Bang emphasized the need to further strengthen cooperation in the semiconductor industry, which is the core of advanced industries and supply chains between Korea and the U.S. He also requested active cooperation from the Department of Commerce to smoothly resolve current issues such as semiconductor export controls and guardrail regulations. Regarding the IRA, he acknowledged the close cooperation between the two countries so far and asked that Korea’s position be actively considered on the remaining issues.

Earlier, on the 21st, Ahn Deok-geun, Director-General for Trade Negotiations at the Ministry of Trade, Industry and Energy, held a separate meeting with Deputy Secretary Graves to discuss various trade issues including the IRA, Indo-Pacific Economic Framework (IPEF), export controls, and steel import regulations. Both sides agreed to continue cooperating going forward.

Minister of Trade, Industry and Energy Byung-gyu Bang (right) is meeting with Don Graves, U.S. Deputy Secretary of Commerce, who is visiting Korea on the 22nd, and they are taking a commemorative photo.

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