South Korean Trade, Industry and Energy Minister Sung Yun-mo met with U.S. Commerce Secretary Wilbur Ross in New York on Sept. 24 and requested support for the removal of Japan’s export restrictions against South Korea. The secretary of commerce said that the restrictions are affecting American companies and global supply networks and should be addressed without delay.
The minister re-emphasized that South Korean automobiles has to be exempted from the application of Section 232 of the Trade Expansion Act of 1962 in view of the revised KORUS FTA. Earlier, on May 17, U.S. President Donald Trump told the Office of the United States Trade Representative to have negotiations for 180 days with the European Union and Japan, saying that imported automobiles and auto parts are threatening the national security of the United States. At his meeting with the South Korean minister, the secretary of commerce said that the two countries’ bilateral trade and investment in the automotive industry are developing in a mutually beneficial way.
The meeting also covered the two countries’ recent contract for South Korea to introduce additional LNG from the United States, South Korean and American companies’ contract for establishing a joint venture for self-driving technology development, etc. The South Korean minister also proposed more industrial cooperation via public and private channels such as the Commercial Dialogue in October this year.