US-Korea Commerce Ministers Meeting on the 9th... Demand for Easing Steel Export Restrictions
[Sejong=Asia Economy Reporter Kwon Haeyoung] Moon Seung-wook, Minister of Trade, Industry and Energy, emphasized on the 9th (local time) during the Korea-US Trade Ministers' Meeting regarding the US government's request for semiconductor supply chain data that "the provision of supply chain data by domestic semiconductor companies should be a one-time occurrence." He also demanded the easing of US restrictions on Korean steel exports and discussed ways to accelerate future cooperation on supply chains and investment.
According to the Ministry of Trade, Industry and Energy on the 10th, Minister Moon discussed these matters during the Korea-US Trade Ministers' Meeting held at the US Department of Commerce in Washington D.C. with US Secretary of Commerce Gina Raimondo.
Minister Moon stated that the submission of semiconductor data by Korean companies was smoothly completed by the deadline on the 8th, and reiterated that such information requests should remain a one-time event. Previously, the US Department of Commerce requested semiconductor supply chain data from global companies to identify and resolve bottlenecks in the semiconductor supply chain.
In response, Secretary Raimondo said, "This data submission request was an unavoidable measure taken under exceptional circumstances," and assured that trade secrets would be strictly managed. She also expressed understanding of concerns in Korea and gratitude for the cooperation of Korean companies.
Furthermore, both Korea and the US agreed to work together to stabilize the global semiconductor supply chain in the future. They decided to expand and elevate the Korea-US Industrial Cooperation Dialogue from the current director-general level to include a ministerial-level channel and agreed to discuss specific measures.
An official from the Ministry of Trade, Industry and Energy explained, "Considering the importance of industrial cooperation between the two countries amid rapidly changing situations such as the digital economy and climate change, the future Industrial Cooperation Dialogue will serve as a platform to discuss various cooperation plans by industry (semiconductors, future cars, bio, etc.) and by function (workforce development, mutual investment cooperation, joint entry into third countries, etc.) as well as a public-private cooperation channel for rapid response to supply chain disruptions."
Minister Moon also requested smooth support for Korean companies' investments in the US and joint support for Korean small and medium-sized enterprises and mid-sized companies entering the US market together. In response, Secretary Raimondo expressed hope to provide incentives for investment in the US without discrimination, including support for research and development (R&D), and to establish cooperation channels between investment institutions of both countries.
Additionally, both sides agreed to hold the first Korea-US Semiconductor Partnership Dialogue at the director-general level on the 8th of next month. This dialogue plans to form a public-private working group consisting of industry-academia-research experts to discover industrial cooperation projects and jointly analyze the supply chain.
Moreover, Minister Moon requested improvements such as expanding the export volume of Korean steel and operational flexibility, given that the US-EU steel Section 232 measure negotiations have been concluded. Secretary Raimondo responded by saying that based on the partnership between the two countries, they will continue discussions in the future.
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