SEOUL, SOUTH KOREA - WTC Seoul (KITA) and the American Chamber of Commerce (AMCHAM) in Korea gathered at COEX in Seoul to celebrate the fifth anniversary of the KORUS FTA. In a ceremony, Joo Hyung-hwan, Minister of Trade, Industry and Energy said “The two countries’ trade rose 15 percent from 2011 to 2015, while the global trade dropped 10 percent in the same period. This proves the FTA wasn’t a zero sum but a positive sum for both countries in expanding their pies”, during his opening speech.
Jay Jong-hoon Kim, former Korea’s Chief Negotiator for the KORUS FTA, and Wendy Cutler, former US Chief Negotiator for the KORUS FTA, also took part in the forum and shared the background story of the arduous negotiation process that took several years for both sides to strike a deal. They both referred to it as a “hard-fought” battleground, but also agreed that the KORUS FTA was more than worth the efforts after all.
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