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Korea, US Heading for Closer Economic Partnership
Still Best Friends
Korea, US Heading for Closer Economic Partnership
  • By Jung Suk-yee
  • October 19, 2015, 01:30
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President Park Geun-hye and President Barack Obama speak together in Washington D.C.
President Park Geun-hye and President Barack Obama speak together in Washington D.C.

 

President Park Geun-hye and President Barack Obama had a summit meeting on Oct. 16 and adopted a joint statement for a closer Korea-U.S. alliance and discussion of Korea’s accession to the Trans-Pacific Partnership (TPP). They also assessed the progress of the implementation of the KORUS FTA for closer economic ties, and the latter welcomed the former’s interest in the TPP.

At the summit talks, the two Presidents signed 24 MOUs related to cooperation in high-tech industries such as engineering, energy, medical and healthcare, and aerospace as well. The Presidential Office of Korea said that the MOUs will bring mutual economic cooperation to another level and help Korea seek new opportunities for economic growth.

According to their agreement, Korea and the United States are to work on joint R&D programs in the fields of 3D printing, IoT, and engineering, while the National Association of Manufacturers and the Korea Chamber of Commerce & Industry form a new network for corporate partnerships. In addition, the two countries are planning to assist in Korean companies’ business in the U.S. procurement market and work with each other for industrial cluster operation and start-up promotion.

In the medical and healthcare sector, the two countries’ national health institutes signed a letter of intent for the purpose of cooperation for the development of MERS vaccines, personalized treatment based on big data, and medical equipment. Also, they agreed to co-develop energy storage devices and smart grids, and promote funding for the Green Climate Fund (GCF).