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Trade minister urges swift passage of critical investment bill
By LEE JAE-LIM, Korea JoongAng Daily -
Korea's Trade Minister Yeo Han-koo on Thursday stressed the need for the swift
passage of a pending trade and investment bill to de-risk U.S. tariff hikes,
saying that nontariff issues, including digital regulations, should not stand
in the way of reaching a bilateral trade agreement.
“[Digital regulations] are not something
to worry about,” Yeo said when pressed by Korean reporters on how much
nontariff issues have affected the stalled negotiations.
He made the remarks at a luncheon hosted
by the American Chamber of Commerce in Korea (AMCHAM) at the Grand Hyatt Seoul
hotel in central Seoul, which was attended by more than 110 Amcham members,
including corporate executives and stakeholders seeking to deepen bilateral
economic cooperation.
"Ultimately, we just need to
faithfully implement what we agreed to in the joint fact sheet. As long as we
proceed steadily and stably, that should be sufficient."
Yeo's comments came after U.S. President
Donald Trump threatened to raise tariffs on Korean goods to 25 percent from the
previously agreed 15 percent, citing concerns that Seoul has been slow to pass
legislation enabling a pledged $350 billion investment in the United States.
Trade Minister Yeo Han-koo and James
Kim, chairman of the American Chamber of Commerce in Korea (AmCham), along with
other guests, are at the luncheon held at the Grand Hyatt Seoul hotel in
central Seoul on Feb. 12. [YONHAP]
In Korea, the ultimatum has fueled
speculation that Washington's stance may also reflect pent-up frustration over
Seoul's tighter oversight of U.S. tech firms — including a probe into the
Coupang data breach — as well as broader digital policy measures aimed at
curbing misinformation and preventing market dominance by online platforms.
In response to U.S. pressure, the
National Assembly recently established a bipartisan special committee to
fast-track the investment bill, giving lawmakers a 30-day mandate to pass it by
March 9.
In his opening address, Yeo emphasized
the government's commitment to honoring the trade deal.
“The Korean government is strongly
committed to implementing the agreed outcome for the tariff negotiations in
order to ensure stability of the Korea-U.S. trade and investment relations,”
Yeo said in his opening remarks. “We are making every effort to see the [trade
bill] enacted as soon as possible. We are also working closely with our
counterpart to implement the follow-up measures, including nontariff issues
outlined in the Korea-U.S. joint fact sheet.”
AMCHAM Chairman James Kim expressed
optimism that the two sides could reach an amicable resolution.
“Through AMCHAM’s annual business
environment inside report, we have seen tangible progress with approximately 40
percent of the issues that Amcham has raised,” Kim said. “But we have 60
percent left […] So we look forward to sustaining this momentum on reducing
nontariff barriers.”
After the opening remarks, the rest of
the event took place behind closed doors. Participants are understood to have
discussed recent shifts in the global trade environment, Korea's policy
direction, bilateral investment cooperation, and ways to improve conditions for
foreign direct investment in Korea.
