SEOUL – United States Trade Representative Katherine Tai and Deputy United States Trade Representative Sarah Bianchi today met with Minister for Trade Yeo Han-koo during the sixth meeting of the Joint Committee of the U.S.-Korea Free Trade Agreement (KORUS). Ambassador Tai reaffirmed that Korea is one of our closest, and most valued, trading partners before noting that KORUS is a bedrock of the economic relationship. She stressed the importance of rapidly resolving trade concerns when they arise through KORUS, and why it is important for both countries to work together to effectively address shared concerns. Ambassador Tai and Minister Yeo also chaired a public-private meeting on new challenges to global trade, exchanging views with industry leaders on topics from supply chain resiliency to fostering more sustainable trade.
Ambassador Tai highlighted President Biden’s vision for developing a new Economic Framework in the Indo-Pacific and her commitment to crafting sustainable, resilient, inclusive and competitive trade policies that create broad-based prosperity. She explained that the Framework will guide our economic engagement in the region around shared objectives and position us for the future by making life better for workers and the middle class.
Earlier in the day, Ambassador Tai, Ambassador Bianchi and Minister Yeo discussed a range of bilateral and multilateral trade issues. Ambassador Tai shared her concerns over the challenges posed by global non-market excess capacity in the steel and aluminum sectors. They discussed the upcoming World Trade Organization (WTO) ministerial conference. Ambassador Tai expressed her desire to continue working closely with WTO members to deliver a successful MC12, including a meaningful outcome on fisheries subsidies. Ambassador Tai and Minister Yeo agreed to continued engagement between the United States and Korea on trade and economic issues in the future.