[Asia Economy Reporter Changhwan Lee] The Federation of Korean Industries (FKI) announced on the 29th that it has agreed to continue private-sector cooperation with the U.S. Chamber of Commerce in response to the novel coronavirus infection (COVID-19).
Both FKI and the U.S. Chamber expressed their shared understanding that the COVID-19 crisis is a global issue not confined to any specific region and that international cooperation is essential to resolve it. They especially agreed to continuously share Korea's best practices in close public-private cooperation and initially delivered current Korean cases.
As an example, considering the situation in the U.S., which is struggling with a shortage of medical equipment, FKI shared a list of Korean medical equipment export companies with the U.S. Chamber and stated that they will continue to work on medical equipment exchanges between the two countries.
Through the agreement, both organizations urged their governments to cooperate in ensuring the movement of essential air cargo personnel such as pilots and crew members to maintain the international cargo network. In particular, the agreement requested exemption from the 14-day quarantine obligation for personnel who do not come into contact with the public while performing necessary duties.
They also agreed to cooperate with the express delivery industry to facilitate the rapid distribution of medical supplies such as major pharmaceuticals and medical devices that were previously transported as passenger cargo, and requested restraint on export regulations for essential medical supplies. The agreement also included a request to ensure that discussions on the resumption of overseas travel are based on actual evidence and risk assessments.
This is because, in cases of unavoidable overseas business trips by entrepreneurs, countries like Korea, which have high testing rates and systematic confirmed case management, need to implement exceptions based on data.
Meanwhile, FKI and the U.S. Chamber once again emphasized continuous communication and cooperation through the Korea-U.S. Business Council, a bilateral business channel with a 30-year history. Both organizations plan to proceed with the 32nd Korea-U.S. Business Council / U.S.-Korea Business Council General Assembly scheduled for October in Seoul as planned, unless unavoidable circumstances arise.
In particular, they plan to discuss close economic cooperation between the two countries after the COVID-19 crisis, specifically negotiating economic agendas ranging from promising future industry cooperation such as untact business to financial cooperation including extension and expansion of currency swaps, FKI stated.
Kim Bongman, Director of International Cooperation at FKI, emphasized, "Maintaining a smooth cargo supply chain is essential for the Korean economy, which heavily depends on exports," adding, "In a situation where cargo congestion is severe due to the reduction of passenger and cargo flights, FKI has led this agreement with the U.S. Chamber to normalize the global cargo network."
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