Chamber Urges Stronger U.S.-Korea Ties

WASHINGTON, D.C. – The United States Chamber of Commerce, the Secretariat to U.S.-Korea Business Council, today released the council's 2003 white paper, which outlines American business priorities in Korea and measures to improve the business climate between the two countries.

"South Korea is well positioned to attract increased U.S. trade and investment in light of its strategic location and recent positive economic reforms," said Myron Brilliant, Chamber vice president for Asia, and executive vice president of the U.S.-Korea Business Council. "This white paper is meant to open a dialogue on how best to strengthen the historic relationship between America and Korea, and what best practices can be implemented to create new, mutually beneficial opportunities for American and Korean businesses."

The white paper released today offers the perspective of the American business community on matters of importance to investment in Korea. It will be sent to newly elected South Korean President Roh Moo-hyun, and his administration, as well as U.S. lawmakers, policy chiefs and business leaders.

The paper makes recommendations in several areas, including regulatory reform, flexibility in labor laws, consistent and transparent enforcement of intellectual property rights, and a reduction in Korea's eight percent tariff on imported vehicles. The report also recommends insurance reforms and changes in laws regulating pharmaceuticals to allow Koreans access to the latest and most advanced medical treatments available.

"Increasing trade ties between our two countries will bolster the overall relationship between our nations," Brilliant said. "The recommendations in this paper will improve Korea's business climate and enhance prospects for increased bilateral trade and investment. The Chamber, and members of the Council, looks forward to working with the Korean and U.S. governments to implement constructive reforms."

The U.S. Chamber of Commerce is the world's largest business federation representing more than three million businesses and organizations of every size, sector and region.

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