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Major biz lobbies welcome strengthening S. Korea-U.S. economic alliance

19:26 May 21, 2022

SEOUL, May 21 (Yonhap) -- Major business lobbies in South Korea on Saturday welcomed the agreement by South Korea and the United States to strengthen the alliance not just in military and security areas but also in various economic areas, including global supply chains.

On Saturday, President Yoon Suk-yeol and U.S. President Joe Biden held summit talks in Seoul and recognized the importance of deepening economic cooperation and energy security, and jointly promoting critical and emerging technologies.

They also committed "to cooperate closely through the Indo-Pacific Economic Framework (IPEF), a U.S. initiative to ensure secure and resilient supply chains, set the rules of the digital economy, and invest in clean, modern and high-standards infrastructure." South Korea joined the IPEF.

"Promising expansion of cooperation in the Indo-Pacific region during President Biden's first leg of his Asia trip signaled the importance of the South Korea-U.S. alliance in the Asia-Pacific area," the Federation of Korean Industries (FKI) said.

"We expect that the enhanced South Korea-U.S. alliance will strengthen Seoul's leadership in the international community and advance their shared visions of freedom, democracy and the value of a market economy," the FKI added.

It also welcomed Seoul's joining of the IPEF, through which it expects the two countries to expand the range of their cooperation not just for global supply chains but also the high-tech sector and such international issues as climate change.

The Korea Chamber of Commerce and Industry (KCCI) lauded the two leaders for upgrading their economic alliance to a future-oriented one, saying it will actively support relevant follow-up efforts down the road.

The Korea Enterprises Federation, another business lobby, also welcomed the leaders' agreement to expand cooperation on a range of issues, including semiconductor, battery supply chains and the high-tech sector.

"It is very meaningful they have expanded their alliance not just in military and security areas but also in the economy and technology," it said.

South Korean President Yoon Suk-yeol (R) and U.S. President Joe Biden speak during a joint news conference after holding talks at the presidential office in Seoul on May 21, 2022. (Yonhap)



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