Preventing Further Opening of Rice and Beef Markets
Making Every Effort for Regional Industries like Shipbuilding to Enter the US Market
Kim Yungrok, Governor of Jeollanam-do, stated on the 31st, "We welcome the conclusion of the Korea-US tariff negotiations as long as there is no additional opening of the agricultural and fisheries markets by the government. Building on this, we will expedite the advancement of agriculture into an AI-driven high-tech industry and do our utmost to support the entry of regional industries such as shipbuilding into the US market."
This achievement is interpreted as a clear demonstration of practical diplomacy centered on national interests, successfully resolving a major trade issue despite a tight timeline and complex international circumstances following the launch of the new administration.
The core of this negotiation is that Korea will invest $350 billion (approximately 487 trillion won) in the United States, and separately, will import $100 billion worth of energy products such as LNG. In return, the mutual tariffs will be reduced from 25% to 15%.
In particular, considering food security and sensitivities, additional market openings for rice and beef were prevented. This reflects the efforts of Jeollanam-do, the largest supplier of agricultural and livestock products in Korea, which has consistently opposed further opening of the agricultural market. As a result, both national food sovereignty and the livelihood of farmers have been protected.
Additionally, of the $350 billion investment in the US, $150 billion will cover shipbuilding, maintenance, repair, and overhaul (MRO), opening new opportunities for the globally competitive shipbuilding industry in the Jeollanam-do region to enter the US market.
Furthermore, a $200 billion fund will be established for sectors where Jeollanam-do companies have competitive advantages, such as semiconductors, nuclear power, secondary batteries, and biotechnology. Details are expected to be further discussed at the Korea-US summit to be held within two weeks.
Governor Kim Yungrok stated, "We hope this agreement will become a new opportunity to strengthen the Korea-US alliance and promote mutually beneficial cooperation between the two countries. Jeollanam-do will actively support the practical diplomacy policy of the Lee Jaemyung administration, which prioritizes national interests."
Going forward, Jeollanam-do plans to closely examine the regional industrial impact of this tariff agreement and will actively work to minimize damage and strengthen the competitiveness of key industries, including the steel industry, which continues to face a 50% tariff like other steel-exporting countries such as the EU and Japan.
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