On Thursday, Yeo Han-koo, Director-General for Trade Negotiations at the Ministry of Trade, Industry and Energy, met with American business leaders operating in South Korea. He pledged to faithfully implement the bilateral tariff agreement to stabilize U.S.-Korea trade relations.
Yeo made these remarks during a special luncheon hosted by the American Chamber of Commerce in Korea (AMCHAM) at the Grand Hyatt Hotel in Seoul’s Yongsan district.
He highlighted recent progress, stating that following the introduction of the Special Act on U.S. Investments last November, a dedicated committee was established in the National Assembly on the 9th to process this legislation. They’re committed to ensuring its passage.
The previous day, Yeo held talks with Deputy U.S. Trade Representative Rick Switzer, focusing on non-tariff issues such as safety standards for American vehicles and digital sector cooperation.
Regarding these discussions, Yeo explained that as a follow-up to the U.S.-Korea Joint Fact Sheet, they’re closely collaborating with its U.S. counterparts on non-tariff matters. It’ll keep the U.S. administration and American businesses informed of any developments.
Yeo emphasized the potential for a breakthrough in U.S.-Korea economic ties this year, based on last year’s tariff negotiations and the bilateral Strategic Investment memorandum of understanding (MOU). He expressed optimism about jointly identifying and supporting promising investment projects.
AMCHAM Chairman James Kim responded positively, expressing confidence in Director Yeo and the Korean government’s ability to successfully conclude the tariff negotiations.
Kim described Yeo as a trusted, long-time partner of AMCHAM, praising his leadership in trade policy at this crucial juncture in U.S.-Korea economic relations.
He added that as discussions progress, AMCHAM will fully support the Korean government’s initiatives. It is committed to working closely with Director Yeo and his team to strengthen U.S.-Korea trade ties and create a stable, forward-looking environment for businesses from both nations.
The closed-door meeting featured in-depth discussions on the government’s policy direction in light of recent changes in the global trade landscape, U.S.-Korea investment cooperation, and strategies to enhance the foreign direct investment climate.
Yeo assured the American business leaders that the Korean government would continue to seek input from stakeholders, including foreign-invested companies, throughout the policy development process.