When South Korean President Moon Jae-in arrives in Washington this week for his first official visit as Head of State, he will provide President Trump an opportunity to energize relations with a vital Asian ally. The U.S. Chamber of Commerce hopes the administration will seize this opportunity to ensure our trade ties fulfill their potential.
Our trading relationship reached a new stage five years ago when the U.S.-Korea Free Trade Agreement, or KORUS, went into effect. At the time, the treaty was hailed as one of the strongest trade deals the U.S. had ever negotiated. It opened new opportunities for U.S. exporters in a notoriously difficult market. It raised the bar on transparency and intellectual property protections. It addressed digital trade in groundbreaking ways. It also established a committee that allows either side to address any concerns about trade in areas covered by the agreement.