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  • Korea·U.S Trade Experts, “Need to actively utilize Biden's new government's expansion of eco-friendl
    2020-11-10 hit 282

    Korea·U.S Trade Experts, Need to actively utilize Biden's new government's expansion of eco-friendly energy investment and favorable trade cooperation

     - KITA held the first roundtable discussion on outlook of U.S. post-election economic and trade policy -

     

    The Korea International Trade Association (Chairman: Kim Young-ju) held online ‘Roundtable Discussion on Outlook of U.S. Post-Election Economic and Trade Policy’ at the Trade Tower in Samseong-dong on November 10th.

     

    Twelve individuals from Korea including Chairman Kim Young-ju of the Korea International Trade Association, executive-level representatives from the large companies such as Seah Steel, Samsung Electronics, POSCO, and Hyundai Steel as well as the related organizations such as Korea Iron and Steel Association, and the Korea Semiconductor Industry Association participated in the event. Also, four experts from the United States including Trade Policy Leader Douglas Bell (Former Deputy Assistant Secretary of the U.S. Department of the Treasury) from global consulting firm Earnst & Young, Stacy Ettinger (Former Associate Chief Counsel at the U.S. Department of Commerce), a partner at K & L Gates, and Jonathan Pollack from Brookings Institution joined the meeting to discuss the future of economic, trade, and diplomatic policy under the new Biden administration and seek cooperatives measures between the two countries.

     

    Chairman Kim Young-ju of KITA said in his opening speech, “Korean companies need to pay attention to changes that Biden administration will bring in economic and trade policy,” and added, “In particular, Korean and American companies are required to work closely together to seek cooperative measures in the field of green new deal.”

     

    A paetern laywer Stacy Ettinger stated, “The trade policy of Biden's new government will change into the direction of shifting away from Trump's unilateralism, restoring relations with trading partners, and building international trade order together,” and also mentioned, “The key pillars of Biden's economic policy are 'supply chain reconstruction' and 'investment in the eco-friendly energy industry,' and opportunities will be provided for Korean companies operating businesses in the Unites States to expand trade and investment.”

     

    Choi Yong-min, the president of KITA’s Institute for International Trade, said, “The association will provide support for Korean companies in the form of reports and seminars to keep up with changes in the global trade environment under the Biden's administration,” and added, “As an organization representing the private sector, we will actively communicate with both governments and related organizations while supporting Korean companies to strategically respond to changes in the trade environment.”

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