US and South Korea sign trade memorandum of understanding

The United States and South Korea have announced the signing of a memorandum of understanding to establish a supply chain between the two countries and, more broadly, to strengthen trade cooperation, the United States Department announced on Saturday.

US and South Korea sign trade memorandum of understanding

The United States and South Korea have announced the signing of a memorandum of understanding to establish a supply chain between the two countries and, more broadly, to strengthen trade cooperation, the United States Department announced on Saturday. to Commerce in a press release.

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This memorandum of understanding should make it possible to “deepen” the collaboration between the two countries, and “establish the commercial dialogue and the supply chain between the United States and Korea”.

"Cooperation on semiconductors, electric vehicles and electric vehicle batteries, fuel cells and solar technology, and the digital economy will continue to transform our societies and boost our shared economic prosperity," the leaders stressed. two countries.

The U.S. Department of Commerce and its South Korean counterpart believe that the work done under this framework “will foster increased collaboration and strengthen the international competitiveness of U.S. and Korean industry.”

US Secretary of Commerce Gina Raimondo earlier held a roundtable with South Korea's Minister of Commerce, Industry and Energy, Lee Chang-Yang, as well as business leaders from both countries, such as Hyundai, LG, Samsung, Qualcomm or GE.

Emphasis was placed on the importance of “cross-border investment in sectors essential to the long-term growth of both economies”.

The United States and Korea are important trading and investment partners. Korea is the United States' sixth largest trading partner. Korean companies have invested more than $62 billion in the United States, and the United States has been Korea's second largest source of foreign direct investment for more than a decade.


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