Business Leaders Urge Governments to Strengthen Korea-U.S. FTA

Korean and American business circles have jointly urged their governments to ensure the stability of business activities, including production, employment, and technological innovation for Korean companies operating in the United States. They specifically requested a predictable investment environment through consistent policies, emphasizing the maintenance of a trade system based on the Korea-U.S. Free Trade Agreement (FTA).

The Federation of Korean Industries (FKI) and the U.S. Chamber of Commerce held the 35th Korea-U.S. Business Council meeting on Dec. 10 at the U.S. Chamber of Commerce in Washington, D.C., adopting a joint declaration to address these concerns. The declaration highlighted the need to remove trade barriers and create a stable and predictable business environment, recommending regular discussions between governments and industries to avoid unintended side effects.

Both sides emphasized the crucial role of the Korea-U.S. FTA in increasing investment and trade between the two countries, urging the governments to reaffirm it as the basis for strengthening bilateral economic cooperation. Additionally, they agreed to establish a working group to implement economic cooperation based on the FTA, focusing on promising areas such as nuclear power, shipbuilding, semiconductors, automobiles, batteries, critical minerals, pharmaceuticals, biotechnology, medical technology, defense, and aerospace.

The FKI and the U.S. Chamber of Commerce also highlighted the importance of investment and supply chain cooperation, as well as the improvement of professional visas to promote human exchanges. The general meeting, held shortly after the U.S. presidential election, marked the first event in five years to be held in the United States, with the FKI dispatching its largest-ever private delegation.