KITA chief discusses ways to boost bilateral trade with US politicians

Koo Ja-yeol, left, chairman of the Korea International Trade Association, speaks with U.S. Rep. Young Kim in Washington, D.C., Wednesday (local time). Courtesy of KITA

By Kim Hyun-bin

Korea International Trade Association (KITA) Chairman Koo Ja-yeol exchanged views with key U.S. politicians and government officials regarding global supply chains, government subsidies and the U.S. Inflation Reduction Act (IRA) during his visit to Washington, D.C., from April 24 to 27, according to the trade promotion body, Thursday.

On April 26, the chairman discussed recent U.S. Congress trends related to Korean companies in the U.S. with Young Kim, a Republican representative of California who chairs the House Foreign Affairs Subcommittee on the Indo-Pacific, which deals with diplomatic issues between Korea and the U.S.

In the meeting, they discussed support for semiconductor and electric vehicle (EV) subsidies, and the bill to establish a new visa quota for Korean professional workers. Kim jointly introduced the Partnering with Korea Act with Democratic Rep. Gerry Connolly, which includes issuing 15,000 professional employment visas annually to Koreans in specialized fields.

“Collaboration with Korean companies is essential for building high-tech industrial infrastructure in the U.S., such as electric vehicles, batteries and semiconductors,” Koo said.

“We are asking for efforts at the congressional level to ensure that Korean companies that have entered the U.S. do not experience difficulties, as companies are increasingly concerned about the industrial policies recently implemented by the U.S. government, such as the CHIPS Act and the IRA Act.”

In addition, Koo also requested that the bill for Korean professional visas be passed swiftly as Korean companies in the U.S. face significant difficulties in securing specialized personnel.

Rep. Kim expressed that the Korea-U.S. alliance, which marks its 70th anniversary this year, is becoming more robust in all areas, including the economy and security. She highlighted that the Korea-U.S. Free Trade Agreement is a successful case that is the envy of other countries.

Koo expressed his gratitude for Rep. Kim's leadership in initiating a resolution commemorating the 70th anniversary of the signing of the Korea-U.S. Mutual Defense Treaty and promised to support the continuous development of the two countries' alliance.