Korean trade body inks cooperative MOU with Oregon

Korea's international traders association signed a memorandum of understanding (MOU) with the state of Oregon on Thursday to help expand cooperation in business investment and renewable energy.

The pact outlines strengthening bilateral efforts to fuel trade and business tie-ups and dispatch corporate representatives to explore new economic opportunities, the Korea International Trade Association (KITA) said.

KITA chairman Sakong Il said the pact laid a firm foundation for bilateral economic cooperation and expressed hope that businesses in South Korea and the U.S. state can work together in such areas as eco-friendly renewable energy fields and high-tech industries.

The trade association is the single largest business group in Korea with over 65,000 member firms.

In response, Oregon's governor John Kitzhaber stressed Korea is a key trading partner and supported calls for the speedy ratification of the free trade agreement between Seoul and Washington that was signed in June 2007.

Oregon, located in the Pacific northwest, had a gross domestic product of $168.9 billion last year and is the 12th largest export destination for Korean-made products among the 50 U.S. states.

Outbound shipments surged 32.9 percent on-year in 2010 to $940 million, with imports from the state jumping 77.8 percent to $920 million, making Korea the fifth-largest export market for Oregon, according to KITA. (Yonhap)