South Korean and American business leaders have asked the U.S. government to exempt South Korean cars and auto parts from the application of Section 232 of the Trade Expansion Act of 1962.
The Federation of Korean Industries (FKI) and the U.S. Chamber of Commerce had a meeting in Seoul on October 18 and adopted a joint statement to that end.
In the joint statement, they said that the application of the section for an additional tariff of up to 25% will significantly exacerbate the two countries’ economic cooperation based on the ROK-U.S. alliance and the KORUS FTA.
The meeting was attended by more than 80 entrepreneurs, including Hanjin Group chairman Cho Yang-ho, who is the chair of the meeting, and Cigna CEO David Cordani, who is the head of the U.S.-Korea Business Council (USKBC).
They discussed how to resolve bilateral trade issues, economic opportunities to follow denuclearization of the Korean Peninsula, economic cooperation for innovative growth, and so on. The agenda of the conference included artificial intelligence, cloud computing, autonomous driving and digital economy as well.
“Our meeting has played a key role in finding solutions to various bilateral economic issues and strengthening the ROK-U.S. alliance,” the Hanjin Group chairman said in his opening speech, adding, “We proposed the KORUS FTA in 2000 to set the stage for even closer economic ties and our meeting led to South Korea’s accession to the Visa Waiver Program as well.”