[Asia Economy Reporter Park Sun-mi] The Korea International Trade Association (KITA) stated on the 21st regarding the Korea-US summit held that "We highly welcome the confirmation by the two heads of state of the mature Korea-US alliance as a deep and comprehensive strategic relationship, and their agreement to cooperate closely with each other.
In its welcoming commentary on the day, KITA said, "The decision to strengthen practical cooperation in new industrial fields such as semiconductors, batteries, nuclear power, space development, and cyber will serve as an opportunity to elevate the economic cooperation relationship between the two countries to the next level." It also stated, "We highly appreciate the establishment of dialogue channels between the presidential offices of both countries for communication and cooperation in economic security areas such as supply chains and advanced technology, as well as consultations on foreign exchange market stabilization, small modular reactor development, and the promotion of the Defense Mutual Procurement Agreement." It added, "We hope that this will serve as a turning point for Korea and the US to solidify their economic security alliance and become practical cooperation partners capable of leading the Fourth Industrial Revolution and the digital transformation era."
Regarding South Korea's decision to join the Indo-Pacific Economic Framework (IPEF) led by the United States, KITA expressed, "We expect this to be a significant turning point where our country, having risen to become one of the world's top 10 economies, can meet the expectations of the international community and contribute to the establishment of order in the Indo-Pacific region and the stabilization of supply chains."
Furthermore, it added, "The trade industry expects this summit to open the way for expanded investment by companies from both countries, technological cooperation, supply chain stabilization, and job creation, and we will do our utmost to materialize these into tangible results that the public can actually feel."
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