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Korea and U.S. discuss measures to bolster trade & economic cooperation 2023-09-14

Deputy Minister for Trade Jeong Dae-jin met with Ramin Toloui, U.S. Assistant Secretary of State for Economics and Business Affairs, on September 13 in Seoul and discussed measures to bolster economic and trade cooperation between Korea and the U.S.

Deputy Trade Minister Jeong assessed that the relationship between the two countries, which began as a traditional security alliance, is progressing to one that encompasses economy, advanced technology, and supply chain following the Korea-U.S.-Japan Summit in August marking the 70th anniversary of the Korea-U.S. alliance. He proposed that the two countries further cooperation in various fields, including technology cooperation in semiconductors and batteries, and in protection of core technologies.

Noting the two countries’ agreement to minimize the burden on companies in implementing the CHIPS and Science Act and export controls following President Yoon Suk Yeol's state visit to the U.S. in April, Deputy Trade Minister Jeong asked for interest and cooperation at the State Department level and mentioned the close consultations between the two countries on the commercial electric vehicle requirements of the Inflation Reduction Act (IRA) and the guardrail provision of the CHIPS Act, expressing hopes for continued cooperation on remaining issues.

Lastly, Deputy Minister Jeong stated that the two countries are closely communicating through the Minerals Security Partnership (MSP) and Korea-U.S. Supply Chain & Commercial Dialogue (SCCD), and agreed to further strengthen the bilateral cooperation through high-level consultative bodies established on the occasion of the Korea-U.S.-Japan Summit.