Korea-US Business Council meets Tuesday
Korea Times
Korea-US Business Council Meets Tuesday
By Park Hyong-ki, Staff Reporter
19 June 2006
The Korea-U.S. free trade agreement will top the agenda in talks of the 19th Korea-U.S. Business Council meeting starting Tuesday in Seoul for two days, according to the Federation of Korean Industries (FKI).
Korea’s Trade Minister Kim Hyun-chong will talk about the outcome of the first official round of FTA talks held earlier this month in Washington.
He will also discuss with his visiting U.S. counterparts ways to make progress on the agreement and the prospects for the on-going trade negotiations.
Lee Hee-beom, chief executive officer of the Korea International Trade Association (KITA), will also attend the business forum to speak about the free trade pact.
The KITA chief will share his views with fellow business executives and international associates on ways to boost bilateral economic cooperation through the FTA.
Some 60 government officials and international businessmen and women will attend the annual meeting that is aimed at strengthening trade and investment ties between Korea and the United States.
The council is run by the U.S. Chamber of Commerce and managed by the FKI.
The meeting allows both sides to discuss concerns about the FTA. The first round ended without a consensus on a wide range of issues, including automobiles and agriculture.
The FTA pact has been described as the biggest free trade deal for the United States since the North American Free Trade Agreement was signed.
Bilateral trade between Washington and Seoul grew to $72 billion in 2004.
South Korea is the United States’ seventh largest trading partner and fifth largest market for U.S. agricultural goods. The United States is Korea’s second-largest trading partner and its largest source of foreign direct investment.
The second round of FTA talks will take place from July 4 to 10 in Seoul.
