Korea, US set up senior economic channel for fair trade

WASHINGTON -- Seoul and Washington will establish a high-level body for economic cooperation and seek “a truly fair and level playing field” in bilateral trade.

In the joint statement released after Friday’s summit between President Moon Jae-in and US President Donald Trump, the two sides will work to expand trade, economic growth and job creation.

“President Trump and President Moon committed to foster expanded and balanced trade while creating reciprocal benefits and fair treatment between the two countries,” the statement said.

“In that regard, the two sides further committed to foster a truly fair and level playing field, including working together to reduce the global overcapacity of such basic materials as steel, as well as non-tariff barriers to trade.”

Also as part of the agreement, the two sides said that they will cooperate “to promote investment, support entrepreneurs, and facilitate cooperation” for economic growth and job creation in both countries.

Seoul and Washington also agreed to collaborate in seeking additional economic opportunities through a joint public-private forum, and to push for more cooperation in high-tech areas.

“Given the role of science, technology, and innovation in driving economic growth, we are enhancing our cooperation in cybersecurity, information and communication technology, and civil space,” the statement said.

“Highlighting the important economic role women play in our societies, the two sides pledged to launch a bilateral partnership to advance women’s economic empowerment.”

By Choi He-suk
Korea Herald correspondent
(cheesuk@heraldcorp.com)