Offline Meeting of U.S.-Korea Business Council Held in Three Years

The Federation of Korean Industries and the American Chamber of Commerce in Korea held the 34th Korea-U.S. Business Council meeting in Seoul on Oct. 20.

At the meeting, they discussed the impact of the Inflation Reduction Act and the CHIPS and Science Act on South Korean enterprises, energy-related cooperation, financial stability in Northeast Asia, partnership enhancement in various supply chains, etc. Both sides agreed on the principle that trade restrictions and corporate regulations contradictory to free trade need to be addressed without delay.

They adopted a joint statement stipulating that the U.S. Trade Expansion Act of 1962, the Inflation Reduction Act and South Korea’s Serious Accidents Punishment Act should be improved, and both sides will continue to work together until the U.S. laws do not discriminate against South Korean enterprises.

In addition, they called for the U.S. and South Korean governments to make their currency swap agreement permanent or take equivalent measures so that the foreign exchange market of South Korea can become even more stable. They agreed on the fact that any instability in the South Korean economy and financial market is undesirable for security in Northeast Asia.