AMCHAM suggests President Moon $10 bil. “Buy American Fund”

AMCHAM Chairman and GM Korea CEO James Kim / Korea Times photo

By Jhoo Dong-chan

The American Chamber of Commerce in Korea (AMCHAM) proposed President Moon Jae-in announce a $10 billion (11.2 trillion won) “Buy American Fund” during his visit to the United States to ease any pressure for a renegotiation of the Korea-U.S. Free Trade Agreement (KORUS FTA).

“It would be extremely effective if President Moon jointly announces with President Donald Trump a $10 billion Buy American Fund,” AMCHAM former chairman Jeffrey Jones told a press conference Wednesday.

“I believe the proposal will make President Trump very happy and help alleviate much of all the pressures regarding the KORUS FTA. It would also demonstrate Seoul’s commitment to purchasing American goods.”

AMCHAM leaders visited the U.S. last month for a “door-knock” mission.

President Trump said last month that he will either renegotiate or terminate what he called a "horrible" free trade deal with Korea and added that Seoul should pay $1 billion for a U.S. anti-missile system.

The AMCHAM said that its leaders visited the U.S. last month to advocate the KORUS FTA as a win-win treaty for both countries. They had about 50 meetings with senior officials and policymakers from the Departments of State, Commerce and the Treasury, the U.S. Trade Representative, the Federal Trade Commission and research institutes.

“This year’s door-knock was especially important as it was our first visit to Washington since the election of new leaders in both countries,” AMCHAM Chairman and GM Korea CEO James Kim said.

“It was essential to clearly deliver the message that the KORUS FTA is beneficial to both the U.S. and Korean economies. Our delegation worked as a strong team to deliver the right message. Hyundai Motor helped a lot in this regard.”

Having Hyundai Motor join this year’s door-knock produced a unique perspective regarding the Korea-U.S. trade relationship, Kim added.

“We introduced economic values that Hyundai Motor has created in the U.S. with factual evidence to help them understand the KORUS FTA is mutually beneficial,” Jones said.

“Hyundai Motor operates production plants in Alabama and Georgia. It employs more than 10,000 workers there. Taking its subcontractors into account, Hyundai Motor’s presence in the U.S. has created about 100,000 jobs while improving local communities. And the response has been positive from the administration and Congress.”