Ministry of Foreign Affairs and Trade of Repub : Second Vice Foreign Minister Meets with the Chairman of the US...

1. During his visit to the US to attend the second Republic of Korea-United States Senior Economic Dialogue and a meeting on the progress in the work by the High Level Bilateral Commission on nuclear cooperation, Second Vice Foreign Minister Ahn Chong-ghee met with Chairman Dave Reichert of the US House Ways and Means Subcommittee on Trade on January 10. In the meeting, the two sides extensively exchanged views on the mutually beneficial nature of the KORUS (Korea-US) FTA and the significance of free trade.

2. Vice Minister Ahn noted with appreciation that since the entry into force of the KORUS FTA, the bilateral trade has grown by 15% even amid the 10% decline in the global trade, playing a role in efforts to enhance economic and trade ties between the two countries; and that in the investment sector as well, the two countries are working closely together and thereby reaping benefits.

° Congressman Reichert, sharing the Vice Minister's view regarding mutual benefits from the KORSUS FTA, mentioned that the FTA has greatly helped promote bilateral economic cooperation and is expected to continue producing positive results during the tenure of the next US administration.

3. The Vice Minister, commending the US for exercising leadership to step up economic cooperation in the Asia-Pacific region, voiced hope that the US will continue to play an active role in the region during the mandate of the new US administration. Congressman Reichert stated that as the US cannot enjoy prosperity without foreign trade, the next US administration will actively implement foreign trade policies, adding that the ROK will be a significant partner for cooperation in the course.

4. With Chairman Reichert of the Ways and Means Subcommittee on Trade, the pivotal committee of the US House of Representatives that helps establish the country's economic and trade policies, having affirmed the mutually beneficial nature of the KORUS FTA, the meeting is expected to lead a larger number of US Congress people to hold a positive view on the economic and trade ties between the ROK and the US.

* unofficial translation