Park Jae-hyuk is a seasoned journalist who has provided comprehensive coverage of South Korea's corporate dynamics, economic policies, industry challenges and the global positioning of Korean companies. Based on the articles he has written since joining The Korea Times in 2016, his investigative approach has helped readers understand corporate governance, economic trends and business strategies shaping South Korea’s economy.
PM highlights Korea’s roles for US business, defense strategies
Prime Minister Kim Min-seok, left, shakes hands with Joseph Yun, right, charge d’affaires from the U.S. Embassy in Seoul, during a seminar hosted by the American Chamber of Commerce in Korea (AMCHAM) at Conrad Seoul, Tuesday. At center is AMCHAM Chairman James Kim. Yonhap
By Park Jae-hyuk
Acting US envoy points to trade deficit, defense costs
A seminar hosted by the American Chamber of Commerce in Korea (AMCHAM) on Tuesday became a venue for high-level government officials from Korea and the United States to seek leverage in ongoing trade and defense cost negotiations between the two countries.
While Prime Minister Kim Min-seok highlighted the importance of Korea for the U.S. economy and security, Charge d’Affaires Joseph Yun from the U.S. Embassy called for Seoul’s efforts to make the countries’ trade and defense cooperation more sustainable.
In his keynote speech, Kim said the U.S. will become stronger if it maintains ties with Korea.
“The two nations share universal values rooted in constitutional democracy and have, over the decades, developed into a true value-based alliance through deep people-to-people ties, cultural affinity and cooperation across strategic industries,” he said.
The prime minister added that the two countries can go beyond “Make America Great Again” and move toward “Make Korea and the World Greater.”
Prime Minister Kim Min-seok delivers his keynote speech during a seminar hosted by the American Chamber of Commerce in Korea at Conrad Seoul, Tuesday. Yonhap
His remarks came amid the government’s efforts to prevent the Donald Trump administration from imposing higher tariffs on Korean goods after the Aug. 1 deadline.
However, he did not elaborate on Seoul’s negotiation strategies during the seminar.
“We still have a plenty of time,” he said. “There are many things to do and many issues to address.”
Yun also highlighted the importance of continued Korea-U.S. collaboration in his remarks. However, the acting U.S. ambassador pointed to the U.S. trade deficit with Korea, saying it amounted to $1.2 trillion last year.
“These are enormous amounts and they must be reduced if we are to have balanced economic relations,” he said.
He also attributed the U.S. budget deficit to costs for stationing U.S. Forces Korea.
“The U.S. is asking our allies to do more,” he said. “This is a request to all NATO partners in Europe and also to all our allies in Asia. Of course that includes South Korea, Japan, Australia and so on.”
During the seminar, AMCHAM Chairman James Kim asked the Lee Jae Myung administration to address regulations unique to Korea to create a more balanced and sustainable trade environment.
The event also featured a panel discussion on a broad range of issues, including the defining characteristics and strategic direction of the Lee administration’s economic policy, promising sectors for foreign investment, and the government’s approach to navigating challenges such as tariff negotiations.