KCCI, AMCHAM, and Korea GM Sign "Buy America" MOU to Expand Sales of American Vehicles

Private Sector Cooperation for Trade Environment
"Positive Impact on Intergovernmental Consultations"

The Korea Chamber of Commerce and Industry (KCCI), the American Chamber of Commerce in Korea (AMCHAM), and Korea GM announced on May 8 that they had signed a memorandum of understanding (MOU) for the "Buy America" campaign at the KCCI building in Jung-gu, Seoul. This campaign aims to support the expansion of sales of American-made products in the domestic market.

KCCI-US Chamber of Commerce Korea-GM MOU: Chey Tae Won, Chairman of KCCI (center), James Kim, Chairman of the US Chamber of Commerce Korea (left), and Hector Vizareal, President of Korea GM (right), are taking a commemorative photo after signing the agreement. Photo by KCCI

The signing ceremony was attended by Chey Tae Won, Chairman of KCCI; James Kim, Chairman of AMCHAM; Hector Vizareal, President of Korea GM; and Haley Sund, Commercial Attach? at the U.S. Embassy in Korea.

This campaign, led by AMCHAM, aims to expand the domestic procurement of American-made products in key industries such as energy and automobiles. The goal is to promote balanced trade between Korea and the United States, enhance trade, and strengthen economic cooperation.

Under this agreement, American automobile manufacturers will provide competitive prices and high-quality services in Korea, while KCCI will cooperate in resolving regulations related to American vehicles. In addition, companies are encouraged to consider American-made vehicles when purchasing executive and business vehicles.

The agreement was promoted as a demonstration of the private sector's commitment to fostering a balanced trade environment between the two countries, ahead of the Asia-Pacific Economic Cooperation (APEC) Ministers Responsible for Trade Meeting scheduled for May 15-16.

Prior to the signing ceremony, participants held a meeting to exchange views on the Korea-U.S. trade environment and corporate response strategies. They agreed on the importance of proactive private-sector cooperation.

Chairman Chey stated, "This is an important turning point to resolve uncertainties in Korea's trade environment with the United States. Since achieving tangible results is the role of businesses, this MOU is significant as it represents a private sector-led cooperation model."

He added, "The fact that the Korean and American business communities are creating practical examples of cooperation will not only contribute to balanced trade relations between the two countries, but also have a positive impact on trade consultations between the governments."

Chairman James Kim said, "Through the Buy America campaign, we aim to support Korean companies in actively sourcing American-made products and to contribute to expanding trade cooperation between the two countries. I hope this MOU will lead to the creation of diverse models of trade cooperation between Korea and the United States."