Comprehensive Countermeasure System for U.S. Trade Issues
The Korea International Trade Association
(Chairman, Kim In-ho) has set out to deal with the trade issues between Korea
and the U.S., including the revision of the Korea-US FTA.
The Korea International Trade is planning to
organize the Korea-U.S. trade TF team to monitor the trade issues between Korea
and the United States and work on the countermeasures and collect opinions from
the private trade industry. It will also build and operate a trade specialist
advisory team. The TF will comprehensively respond to the latest trade issues
between Korea and the U.S., including the revision of the Korea-US FTA, the
regulation on imports from Korea, and trade imbalances.
Through the Korea-US trade TF team, the Korea
International Trade Association will carry out the US trade outreach activities
such as delivering the mutual reciprocal effects of the Korea-US free trade
agreement to the key members of the US Congress along with discovering the
success cases of the Korea-US pact and conducting in-depth researches on
strategies to be prepared for the negotiation to revise the Korea-US FTA.
In addition, in order to be prepared for the
full-fledged negotiation on the revision of the Korea-US FTA, the organization
plans to organize ‘Private Trade Countermeasure Committee,’ which collects the
opinions of the industry and the trade industry and formulate counterstrategies
and pass them on to the government.
A committee composed of the industry groups
that are directly or indirectly affected by the negotiation on the revision of
the Korea-US FTA such as automobiles, steel, textile, and services, and trading
partners of the U.S. and investment companies will be organized in August and a
kick-off meeting will be held. KITA will
utilize this committee as a forum for the examination of trade issues between
Korea and the U.S., and the analysis of industry-specific impact as well as
mutual exchange of opinions.
Apart from this, KITA will build the “Korea-US Trade Specialist
Advisory Committee" consist of trade negotiation experts and academics” and collect opinions regarding the roadmap and action plans on the
Korea-US FTA revision and strategies for each scenario.
Kim Jung-kwan, vice-chairman of the Korea
International Trade Association, said "Along with the efforts to deliver
Korea’s opinion on Korea-US economic relations, US trade deficit and the
Korea-US FTA to the United States as much as possible at the private level, we
will focus on developing a logical foundation for Korea’s claim in the case of
the actual negotiation of the Korea-US FTA revision.”