By Nam Hyun-woo
Finance Minister Yoo Il-ho refuted remarks by U.S. Republican presidential candidate Donald Trump that the free trade agreement between Korea and the United States (KORUS FTA) undermines the American economy.
Minister Yoo made his remarks a day after Trump lambasted the KORUS FTA as "a job-killing deal" and said the deal "doubles our trade deficit with Korea and will destroy nearly 100,000 American jobs."
Yoo also said joining the Trans Pacific Partnership (TPP) is "very important" for countries in the Pacific region, a stance in stark contrast with Trump's pledge that he will pull the U.S. out of the 12-nation body if he is elected.
"That will not help any people in the world," Yoo said during an American Chamber of Commerce in Korea (AMCHAM Korea) General Membership Meeting.
"Trump's remarks show that he does not understand the KORUS FTA," Yoo said. "The sales of American automobiles in Korea soared by 28 percent annually, which makes Korea the second largest market for U.S. carmakers," he said, adding that Samsung Electronics and Lotte Chemical have invested some $15 billion and $3 billion in the U.S., respectively.
Over Trump's remarks, widely translated as protectionist, Yoo urged that the deal ― which marks its fourth anniversary this year ― should be consolidated further.
"Amid mounting global uncertainties, Korea stands at a critical juncture between growth and stagnation," said Yoo. "This situation calls for an even stronger and more advanced Korea-U.S. coordination based on security, trade and common values," he said.
About Trump's rhetoric that the TPP is "a continuing rape of the United States," Yoo responded by saying the TPP is very important for countries in the Pacific region and Korea will continue its efforts to join the body, saying "We are glad and happy to take part in the TPP."
During the meeting, Yoo also stressed that that the government will endeavor to lift unnecessary regulations to attract more foreign investment.
"The government will spare no effort to attract more investors to Korea through ongoing regulatory reform, which takes the negative-list approach to single out only necessary regulations while eliminating regulations that hold back growth," Yoo said.
The meeting, held at the Grand Hyatt Hotel in central Seoul, was attended by AMCHAM Korea Chairman James Kim, U.S. Ambassador to Korea Mark Lippert and AMCHAM Korea President John Schuldt.
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| Finance Minister Yoo Il-ho speaks during an American Chamber of Commerce in Korea (AMCHAM Korea) general membership meeting at a hotel in Seoul, Thursday. / Yonhap |
Minister Yoo made his remarks a day after Trump lambasted the KORUS FTA as "a job-killing deal" and said the deal "doubles our trade deficit with Korea and will destroy nearly 100,000 American jobs."
Yoo also said joining the Trans Pacific Partnership (TPP) is "very important" for countries in the Pacific region, a stance in stark contrast with Trump's pledge that he will pull the U.S. out of the 12-nation body if he is elected.
"That will not help any people in the world," Yoo said during an American Chamber of Commerce in Korea (AMCHAM Korea) General Membership Meeting.
Yoo said that Seoul acknowledges that some criticize the KORUS FTA citing the increased U.S. current account deficit, but stressed that the deal's advantages "easily outweigh" the disadvantages.
"Trump's remarks show that he does not understand the KORUS FTA," Yoo said. "The sales of American automobiles in Korea soared by 28 percent annually, which makes Korea the second largest market for U.S. carmakers," he said, adding that Samsung Electronics and Lotte Chemical have invested some $15 billion and $3 billion in the U.S., respectively.
Over Trump's remarks, widely translated as protectionist, Yoo urged that the deal ― which marks its fourth anniversary this year ― should be consolidated further.
"Amid mounting global uncertainties, Korea stands at a critical juncture between growth and stagnation," said Yoo. "This situation calls for an even stronger and more advanced Korea-U.S. coordination based on security, trade and common values," he said.
About Trump's rhetoric that the TPP is "a continuing rape of the United States," Yoo responded by saying the TPP is very important for countries in the Pacific region and Korea will continue its efforts to join the body, saying "We are glad and happy to take part in the TPP."
During the meeting, Yoo also stressed that that the government will endeavor to lift unnecessary regulations to attract more foreign investment.
"The government will spare no effort to attract more investors to Korea through ongoing regulatory reform, which takes the negative-list approach to single out only necessary regulations while eliminating regulations that hold back growth," Yoo said.
The meeting, held at the Grand Hyatt Hotel in central Seoul, was attended by AMCHAM Korea Chairman James Kim, U.S. Ambassador to Korea Mark Lippert and AMCHAM Korea President John Schuldt.
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