The 5th Korea-US FTA Joint Committee Meeting "Faithful Implementation of Agreement... Strengthening Bilateral Cooperation"

[Asia Economy Reporter Kim Bo-kyung] South Korea and the United States evaluated the current status of trade and investment between the two countries and reviewed the implementation status of the Korea-US Free Trade Agreement (FTA).

The Ministry of Trade, Industry and Energy announced on the 2nd that it held the 5th Korea-US FTA Joint Committee meeting with the US Trade Representative (USTR) via video conference.

On the Korean side, Kim Seung-ho, Director General of the New Trade Order Strategy Office at the Ministry of Trade, Industry and Energy, and on the US side, Jeffrey Gerrish, Deputy USTR, served as chief representatives for the meeting.

At this joint committee meeting, held for the first time since the Korea-US FTA Amendment Protocol came into effect in January last year, both countries confirmed that the agreed results of the Korea-US FTA have been faithfully implemented.

They exchanged opinions on areas of mutual interest such as textiles, trade remedies, professional services, automobiles, competition law enforcement, and pharmaceuticals, and agreed to continue close consultations in the future. They also committed to making efforts to ensure that trade and investment between the two countries remain mutually beneficial and stable.

An official from the Ministry of Trade, Industry and Energy stated, "In the current situation where uncertainties in the external trade environment are increasing due to the recent spread of the novel coronavirus (COVID-19)," adding, "we have agreed to strengthen cooperation at both bilateral and multilateral levels based on the framework of Korea-US FTA implementation cooperation."