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South Korea's Trade Minister Yeo Han-koo (Ministry of Trade, Industry and Energy) |
US Trade Representative (USTR) Katherine Tai and South Korean Trade Minister Yeo Han-koo will visit a factory run by a South Korean company in Michigan this week to mark the 10th anniversary of the enactment of the Korea-US free trade agreement, her office said Sunday.
"On Wednesday March 16, 2022, United States Trade Representative Katherine Tai will travel to the Detroit area, Auburn, and Bay City, Michigan," the office of the USTR said in a press release.
"Ambassador Tai, Congressman Dan Kildee (MI-05), and South Korea Trade Minister Yeo Han-koo will tour and meet with business executives from SK Siltron CSS on the 10th anniversary of the US-Korea (KORUS) Free Trade Agreement's entry into force," it added.
The KORUS FTA went into effect 10 years ago on Tuesday.
Seoul's trade ministry earlier said Yeo and Tai will also hold a meeting in Washington on Tuesday to discuss ways to further expand their countries' economic ties.
Bilateral trade between the countries has jumped nearly 70 percent since the implementation of their bilateral trade pact, with their trade of goods coming to $169.1 billion last year, compared with $100.8 billion in 2011, according to South Korean government data.
Their bilateral investment has more than doubled.
SK Siltron CSS produces silicon carbide or SIC wafers, a key component in making semiconductors, and is considered a key symbol of cooperation between South Korea and the US amid their joint efforts to enhance their semiconductor supply chain resilience. (Yonhap)
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