Martial Arts and AmCham, 70th Anniversary of the Korea-US Alliance Customs and Tariff Seminar... "US Prioritizes Labor Issues"

The Korea International Trade Association (KITA) announced that it will hold a Korea-US Alliance 70th Anniversary Customs and Trade Policy Seminar on the 24th at the Trade Tower in Samseong-dong, Gangnam-gu, Seoul, in collaboration with the American Chamber of Commerce in Korea (AMCHAM). The briefing session will be attended by 150 domestic businesspeople.

Jung Manki, Vice Chairman of KITA, assessed that Korea's exports to the US are on the rise, and the US may demand Korea's efforts to alleviate its trade deficit. He stated that while expanding transparent and fair free trade under the Korea-US Free Trade Agreement (FTA), Korea must respond to US policies such as the Inflation Reduction Act (IRA) and the CHIPS and Science Act.

Vice Chairman Jung said, "We must actively participate in US policies that build industrial bases and supply chains for raw materials in the decarbonization industry sectors through the IRA and the CHIPS and Science Act," adding, "Especially since China has significant dominance in rare earth deposits and battery material processing technologies, we need to expand trade and industrial cooperation to secure stable supply chains."

Ahn Deok-geun, Director-General for Trade at the Ministry of Trade, Industry and Energy, said, "This year marks the meaningful 70th anniversary of the Korea-US alliance, which has expanded beyond a military and security alliance to an economic alliance," and added, "With President Yoon Suk-yeol’s state visit to the US, the first in 12 years, this week, we expect companies to achieve results such as investment inaugurations and signing of memorandums of understanding (MOUs) in advanced industries, clean energy, biotechnology, and eco-friendly sectors."

Mugyeop Trade Tower. [Photo by Mugyeop]

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Henry Ahn, Vice Chairman of Samil PwC and Chair of AMCHAM’s Board, said, "Customs authorities play a significant role in maintaining trade trust and fairness between the two countries," and added, "Korean companies need to become familiar with customs policies and current issues."

Anne Marie Hysmith, Deputy Director for Trade at the US Customs and Border Protection (CBP), said, "Labor issues related to the Uyghur Forced Labor Prevention Act (UFLPA), which took effect in June last year, are a top priority in US customs law enforcement, so Korea and Asia-Pacific countries should pay special attention," and added, "CBP will work closely with the Korea Customs Service and communicate with the industry to create a progressive future."

Ian Saunders, Deputy Assistant Secretary of the US Department of Commerce and candidate for Secretary General of the World Customs Organization (WCO), said, "We will actively cooperate with the private sector to advance global customs administration and strengthen intergovernmental customs cooperation."

At the seminar, the Korea Customs Service will explain the cooperation relationship between Korean and US authorities and present policy directions in areas such as investigations, examinations, and foreign exchange transactions. It will cover activities related to cracking down on illegal e-commerce and intellectual property rights offenders, corporate examination operation directions, basic procedures for foreign exchange transactions, and precautions regarding exceptional transactions.

KITA plans to promote projects commemorating the 70th anniversary of the Korea-US alliance starting with the seminar. It will hold business meetings inviting the Governor of Virginia, US Congress members, and conduct outreach to the US Congress. Through the operation of the Korea-US Economic Council (KUSEC) and collaboration with US economic organizations such as AMCHAM, it will continuously strive to expand economic cooperation and trade.

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