SEOUL– South Korea’s trade minister and some lawmakers will visit the United States this week to mark the 10th anniversary of the implementation of the two nations’ free trade agreement, the trade ministry said Sunday.
Trade Minister Yeo Han-koo and a parliamentary delegation led by Rep. Lee Hack-young, chief of the parliamentary committee on trade and industry, will visit the U.S. between Monday and Friday, according to the Ministry of Trade, Industry and Energy.
They plan to attend an event to celebrate the 10th anniversary of the Korea-U.S. Free Trade Agreement (KORUS FTA) in Washington, D.C. on Tuesday and meet with U.S. Trade Representative (USTR) Katherine Tai to discuss ways to develop bilateral economic ties.
South Korean lawmakers will also meet with U.S. congressmen who contributed to the approval of the free trade deal. They plan to express their appreciation for the U.S. support for the FTA and discuss pending trade issues, including the U.S. sanctions against Russia.
On Wednesday, Yeo and Tai will visit a factory in Michigan of SK Siltron Co., a semiconductor material producer under South Korea’s SK Group.
In 2019, SK Siltron purchased DuPont’s silicon carbide (SiC) wafer business and set up its U.S. affiliate SK Siltron CSS to produce SiC wafers, a key component in making semiconductors, in Michigan.
Yeo and Tai plan to discuss ways to expand cooperation on building resilient supply chains, according to the ministry.
Since the KORUS came into force in March 2012, trade volume of goods between the two nations has grown nearly 70 percent and bilateral investment more than doubled, according to government data.
The bilateral trade of goods stood at US$169.1 billion last year, up 67.8 percent from $100.8 billion logged in 2011.
Source: Yonhap News Agency