In Era of Trump
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 Korean major stakeholders to publicize the positive effects of the Korea-US FTA. We will focus on strengthening the Korea-US alliance," said James Kim, chairman of the AMCHAM and CEO of GM Korea in a press conference held at IFC Headquarters in Yeouido, Seoul on February 1. President Kim also said that he will visit senior Trump administration officials and US Congress in the near future to expound the positive roles of the Korea-US FTA and ways to boost the Korea-US alliance.
"Every year since 1985, an AMCHAM delegation has visited Washington DC and met with high-ranking officials and policymakers of the US government to discuss issues that will affect the Korea-US economic alliance," Kim said. The delegation’s activities in the US called ‘Door Knock’ are playing an important role in shaping the US government's economic, security and trade policies. "
"We are not worried about a renegotiation of the Korea-US FTA," said Jeffrey Jones, chairman of the Future Partnership Foundation, who headed up the AMCHAM for 37 years. “I hope that the Korean government will work hard to maximize the strengths of both countries by putting efforts into strengthening the Korea-US FTA as the Trump administration is focusing on strengthening bilateral trade agreements rather than multilateralism."
However, AMCHAM asked the Korean government to exhibit the "full implementation" of the Korea-US FTA Treaty including resolving unique restrictions against globalization.
"For example, environmental regulations and automobile import regulations need to be improved," said chairman Jones. "In Korea, there are regulations that favor domestic brands rather than overseas one with respect to credit cards. If Korea's own regulations become an issue that makes it difficult for American companies to invest or do business in Korea, we may inform the Trump government of this."
"I hope Korea will become a business-friendly country through deregulation," chairman Jones added.
"I often heard various members of the AMCHAM say that they wanted Korea’s unique regulations revised in favor of them. Google’s access to Korean map data and advertising are representative ones," chairman Kim said. "It is necessary to Korea to discuss the provision of a globally coherent and open corporate environment."