I still remember the anxiety I got from driving an American-made car in Seoul in the mid-1990s. On occasion, I had my car keyed, tires slashed, or woke up to find it covered in eggs. I was prevented from parking in certain lots and even had a nationalistic Korean refuse to sell me imported gas for m
The Ministry of Trade, Industry & Energy of South Korea announced on March 14 that South Korea’s investment in the United States has almost tripled since the implementation of the KORUS FTA and the cumulative investment has almost doubled during the same period. South Korea and the United States com
The KORUS (S. Korea and the US) FTA celebrates its 5th anniversary on March 15. Statistical data shows that the free trade agreement has been highly beneficial to both sides.According to the Korea International Trade Association, the volume of trade between the United States and South Korea increase
South Korea’s diplomatic policy has been put to the test yet again in the face of U.S. President Donald Trump's America First policy and China’s economic retaliation following the South Korean government’s decision to accept the deployment of the Terminal High Altitude Area Defense (THAAD) system. S
The Institute for International Trade (IIT) of the Korea International Trade Association (KITA) released a report on February 22 and said that the United States’ trade deficit with South Korea is not US$34.5 billion but US$7.2 billion when it is calculated on an added value basis based on the World
The Korea Automobile Manufacturers Association (KAMA) and the Korea Automobile Importers & Distributors Association (KAIDA) announced on February 12 that South Korea imported 60,174 cars, up 22.5% from a year earlier, from the US last year to break the 60,000 unit mark for the first time. During the
It has been found that South Korea’s investment in the United States hit a five-year high last year whereas the investment from the United States to South Korea fell approximately 30% during the same period.The New York Office of the Korea International Trade Association (KITA) announced on February
The Ministry of Trade, Industry & Energy announced on February 7 that it launched the Automobile Industry Development Committee and held its first meeting, which was presided over by Minister Joo Hyung-hwan.At the meeting, the committee said that it would focus on seven different policy agenda: enha
The American Chamber of Commerce (AMCHAM), the largest foreign economic organization in Korea, has expressed its willingness to inform the Trump Administration of the positive effects of the Korea-US Free Trade Agreement (FTA), which might be renegotiated, drawing much attention."Now is the time for
The United States officially declared its withdrawal from the Trans-Pacific Partnership (TPP) on January 23. U.S. President Donald Trump is planning to focus on bilateral trade agreements instead based on his America First policy and this means export-led economies such as South Korea and Japan cann
South Korean enterprises’ concerns are rising over the Donald Trump administration’s trade protectionism. Major South Korean companies such as Samsung, LG and Hyundai Motor Company are considering the establishment of manufacturing facilities in the United States to protect themselves from the new U
Hyundai Motor Company and Kia Motors are reviewing their strategy for investment in the North American market with U.S. President-elect Donald Trump’s election pledges including a punitive tariff of 35% on products imported from Mexico.Earlier, Hyundai Motor Company, which is currently running a sed
With Donald Trump elected as the 45th President of the United States, South Korean companies’ fear is on the rise. Higher trade barriers are likely to follow and the KORUS FTA is predicted to be renegotiated.South Korean steel companies are already facing trade protectionism. The U.S. Department of
The number of foreign law firms in South Korea is increasing based on the legal service market opening agreement between South Korea and the EU implemented in July. From March next year, U.S. and South Korean law firms can establish joint ventures in accordance with the KORUS FTA.On October 13, Lath
The United States is increasingly resorting to trade protectionism ahead of the upcoming presidential election. Under the circumstances, the U.S. Department of Commerce decided to impose high anti-dumping tariffs on coated steel sheets and cold-rolled steel sheets imported from South Korea.On July 2
On June 1, two days ahead of this year’s finance ministers’ meeting between South Korea and the United States, U.S. Ambassador to South Korea Mark Lippert said that business regulations found nowhere but in South Korea are hindering the pursuit of free trade.He mentioned deregulation as a main task
The U.S. government has stated that the KORUS FTA is a win-win deal for South Korea and the United States alike. Still, some conflicting interests do exist when it comes to specific trade issues.Back in 2012, when the KORUS FTA became effective, South Korea recorded a trade surplus of US$15.2 billio
The KOTRA announced on Feb. 24 that it held a business meeting called “KORUS Aero Partnering 2016” in Sacheon City, South Gyeongsang Province in concert with the Ministry of Industry, Trade and Resources, the South Gyeongsang Provincial Government and the Korea Aerospace Industries Association from
The Trans-Pacific Partnership (TPP), the world’s largest free trade agreement, was officially signed in New Zealand on Feb. 4. In October last year, TPP member countries hammered out the deal in a trade ministers’ meeting held in Atlanta, the U.S. The TPP now has 12 participating countries: the U.S.
The Shinhan Financial Group opens the Shinhan International Finance Center (IFC) in Gwanghwamun, Seoul on January 29.The target customers of the Shinhan IFC include foreigners who are engaged in economic activities in Korea and its wealth management service for them is the first of its kind in the c