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| ▲ South Korean Trade Minister Yeo Han-koo (L) talks with Kathleen Stephens, chief of the Washington-based Korea Economic Institute (KEI) think tank, during a seminar in Washington on March 14, 2022, to celebrate the 10th anniversary of the enactment of the Korea-U.S. free trade agreement, in this photo released by the trade ministry. (PHOTO NOT FOR SALE) (Yonhap) |
(LEAD) S Korea-US economic framework
(LEAD) Seoul welcomes new U.S. Indo-Pacific Economic Framework: trade minister
(ATTN: UPDATES with details in paras 9-11)
By Byun Duk-kun
DETROIT, March 15 (Yonhap) -- South Korea welcomes the new U.S. economic framework for the Indo-Pacific, South Korean Trade Minister Yeo Han-koo said Tuesday, calling the upcoming framework a "good platform" to further expand their economic cooperation.
Yeo made the remarks in a webinar hosted by the Washington International Trade Association.
"The Indo-Pacific Economic Framework (IPEF) that the U.S. is currently developing as a new cooperation framework in the region serves as a good platform for our two countries to build on the successful experiences of the last 10 years of the KORUS FTA," the South Korean minister said, referring to the Korea-U.S. free trade agreement that went into effect a decade ago Tuesday.
"Basically, we welcome this IPEF, and we consider this as a very positive development, and we are welcoming the return of U.S. leadership into the region," he added.
The U.S. is soon expected to unveil its new economic framework following the release of its new Indo-Pacific strategy last month that mostly dealt with U.S. goals and plans for peace and security in the region.
Noting the South Korea-U.S. alliance remains ironclad based on shared fundamental values of democracy, market economy and the rule of law, Yeo said he is fully convinced that "our bilateral economic partnership deeply rooted in our KORUS FTA will weather any storm and help our countries open a new chapter in trade and investment cooperation."
He also highlighted the importance of mutual trust and cooperation, saying that is what made the 10 years of the KORUS FTA possible.
"I think what matters is that we have this framework to tackle whatever issues together, I mean, in a transparent and mutually trusted manner, so I think that's what made this 10-year anniversary, of course, possible," Yeo said.
In an event held in Washington to celebrate the decade-old trade pact, U.S. Trade Representative Katherine Tai said the U.S. will focus on expanding exports of its vehicles and agricultural products to South Korea.
The U.S.' agricultural produce shipments to South Korea increased 35 percent in the past 10 years, and South Korea is the biggest buyer of U.S. beef products. But there seems to be further room for the U.S. to export its agricultural products to the country, the U.S. trade chief said.
Last year, the U.S. shipped $3.2 billion worth of vehicles to South Korea, the fifth-largest market for U.S.-made vehicles. But there was "much further to go" to increase auto export opportunities, she said, calling for cooperation between Seoul and Washington to tackle barriers that undermine the quality and quantity of those opportunities.
Yeo arrived in the U.S. earlier this week to mark the 10th anniversary of the bilateral trade pact.
Yeo and U.S. Trade Representative Katherine Tai will visit SK Siltron CSS production facilities in Michigan on Wednesday to celebrate the anniversary and also highlight the ongoing cooperation between the two countries in enhancing supply chain resiliency.
SK Siltron CSS is a company run by South Korea's SK Group that produces silicon carbide (SiC) wafers, the next generation semiconductor material increasingly used in electric vehicles.
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