South Korea, US step up trade ties with new pact

The Korea Trade-Investment Promotion Agency (KOTRA) and the American Chamber of Commerce in Korea (AMCHAM) signed a strategic partnership on Thursday to promote regulatory reform and boost US-Korea trade ties. Under the memorandum of understanding, the two organisations will form a joint working committee to recommend regulatory improvements and support initiatives to expand bilateral economic cooperation. They also plan to co-host briefings, exhibitions, and export consultations to help Korean small and medium-sized enterprises access the US market. KOTRA CEO Kang Kyung-sung said the partnership will create new opportunities for Korean firms, while AMCHAM chairman James Kim emphasised its role in lowering non-tariff barriers and strengthening South Korea’s position as a regional business hub.