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| Title | Korea, U.S. Launch Commercial Cooperation Committee | ||
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| Date | 2010/07/23 | Hits | 669 |
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Korea, U.S. Launch Commercial Cooperation Committee Minister of Knowledge Economy Choi Kyunghwan met with U.S. Commerce Secretary Gary Locke on July 20 as part of a week-long visit to the United States. Their discussion centered on current economic trends and the benefits both sides will enjoy once the Korea-U.S. Free Trade Agreement takes effect. Minister Choi and Secretary Locke also hosted the inaugural meeting of the Joint Committee on Commercial Cooperation. The Committee, established as a result of a memorandum of understanding signed by the Ministry of Knowledge Economy and the U.S. Department of Commerce in June 2009, will focus on four critical areas: trade and investment; industrial technology; standards; and trade in strategic goods. At the meeting, both sides acknowledged the impressive pace of growth in bilateral investment and trade and expressed their commitment to an even stronger partnership. They agreed to pursue joint R&D programs concerning industrial technology, and to work together to develop harmonized standards for electric vehicles and smart grids. They also agreed to consider personnel exchanges in the area of strategic trade. Most notably, the U.S. Commerce Department is planning to translate an online program dealing with trade in strategic goods into Korean so that more Korean businesses can benefit from the information. In his opening remarks, the Minister predicted a bright future for the bilateral commercial partnership between the two countries. As an example, he pointed to the presence of U.S. President Barack Obama at a recent ground-breaking ceremony for a new LG Chem plant in Holland, Michigan, which will produce batteries for electric vehicles. “This is a great example of Korean and American companies coming together,” the Minister said. “Not only to make old industries ‘new,’ but also to create hope for better days ahead.” * Released by the Europe and Americas Division |
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