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Biz News Korea(Eng)
AMCHAM Korea chief defends merits of Korea-U.S. FTA
- Collected
- 2017.02.02
- Distributed
- 2017.02.03
- Source
- Go Direct
James Kim
He called upon key stakeholders to “sell the value” of the bilateral free trade agreement “on a factual basis while giving out best advice and counsel” to the new president. Kim’s comment comes amid escalating jitters about renegotiation on the bilateral trade agreement after U.S. President Donald Trump signed off executive orders to walk out of multilateral trade platforms Trans-Pacific Partnership as well as decades-old North American Free Trade Agreement in his first week in office. Trump is expected to move onto revisiting bilateral trade deals as he accused the bilateral FTA with Korea of wiping out 100,000 jobs in the U.S.
“American multinational companies operating in Korea must continue to make the case that Korea is and can still be an attractive country for foreign direct investment,” he said. Kim, in his fourth year heading the AMCHAM, is the first Korean-American chief of the American business interest group.
Korea is U.S.’s sixth largest trading partner with volume reaching $350 billion. “This is not just one-way trade. Two-way trade has increased 84 percent over the last decade and reached $115 billion in 2015. The U.S. actually enjoyed a surplus in services,” he claimed.
By Kim Jung-hwan
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