AMCHAM and KOTRA Join Forces to Strengthen Korea-U.S. Economic Cooperation

MOU Signed to Establish Strategic Partnership
Aiming to Improve Trade Environment for Foreign-Invested Companies in Korea
Seeking Solutions to Major Regulatory Issues

In order to strengthen economic cooperation between Korea and the United States, the American Chamber of Commerce in Korea (AMCHAM) and the Korea Trade-Investment Promotion Agency (KOTRA) are establishing a strategic partnership.

On the morning of the 15th, AMCHAM and KOTRA signed a memorandum of understanding (MOU) at KOTRA headquarters, with the main objective of building a strategic partnership to improve the trade and investment environment for foreign-invested companies in Korea.

Through this agreement, the two organizations plan to closely pursue a variety of joint initiatives aimed at regulatory improvement and strengthening Korea-U.S. economic cooperation. In particular, AMCHAM and KOTRA will establish a joint working council and collaborate to find practical solutions to major regulatory issues raised by AMCHAM through its annual reports and feedback from member companies. In addition, they will regularly hold joint events such as briefing sessions, roundtable meetings, exhibitions, and export consultation meetings, and will continuously identify new collaborative projects to further expand trade and investment between Korea and the United States.

James Kim, Chairman of the American Chamber of Commerce in Korea, attended and spoke at the seminar titled "Changes in U.S. Trade Policy and Its Impact on Korean Industry" held at the Grand Hyatt Hotel in Yongsan-gu, Seoul, on the 28th of last month. Photo by Jo Yongjun

Previously, AMCHAM published the "2025 AMCHAM Business Environment Insight Report: APEC Special Edition" last month, which presented approximately 70 unresolved or newly emerging regulatory issues across 12 major industries, including aerospace, automotive, pharmaceuticals, energy, and the digital economy. The report includes policy recommendations to align Korea's regulatory system with global standards, eliminate redundant regulations, and improve U.S. companies' access to the Korean market.

James Kim, Chairman of AMCHAM, stated, "This MOU not only lays an important foundation for strategic economic cooperation between Korea and the United States, but also plays a key role in eliminating non-tariff barriers, ensuring the success of APEC 2025 (Asia-Pacific Economic Cooperation), and establishing Korea as Asia's top business hub." He emphasized, "We will continue to work closely with KOTRA to improve regulations, expand investment incentives, and jointly strive to enhance the quality of life for expatriates residing in Korea."

He added, "Tomorrow in Jeju, I will meet with Jamieson Greer, the U.S. Trade Representative (USTR) delegate visiting Korea for the 2025 APEC Trade Ministers' Meeting, to highlight that the MOU signed today will serve as an important milestone in bilateral cooperation to eliminate non-tariff barriers and improve market access."

Kang Kyungseong, President of KOTRA, stated, "I hope this collaboration with AMCHAM will serve as a bridgehead for our small and medium-sized enterprises to enter the U.S. market, and we will further strengthen activities to promote mutual growth and expanded exchanges between companies of both countries in the future."