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Korea Herald
15-05-2025
- Business
- Korea Herald
AmCham, KOTRA partner to boost bilateral economic ties
The American Chamber of Commerce in Korea signed a memorandum of understanding with the Korea Trade-Investment Promotion Agency on Thursday to enhance trade, investment and regulatory cooperation between Korea and the US. Through the agreement signed at the KOTRA headquarters in Seoul, the two organizations will form a joint working-level committee to identify and address key regulatory challenges based on AmCham's annual reports and member input. AmCham and KOTRA will also co-host regular events such as briefings, roundtables, exhibitions and export consultations, while seeking new areas for bilateral collaboration. The agreement builds on the findings of AmCham's '2025 Business Environment Insight Report: APEC Special Edition,' which highlighted approximately 70 unresolved or emerging regulatory issues across 12 key industries including aerospace, pharmaceuticals, energy and the digital economy. 'This MOU lays important groundwork for enabling strategic economic collaboration,' said AmCham CEO James Kim. 'It represents a key step forward in reducing nontariff barriers, strengthening Korea's position as a premier regional business hub, and ensuring the success of APEC 2025.' KOTRA President and CEO Kang Kyung-sung added to the statement, expressing his hope that the partnership will support Korean small and midsized enterprises entering the US market and strengthen business ties between the two countries.
Korea Herald
08-04-2025
- Business
- Korea Herald
AmCham releases business insight report amid tariff uncertainty
The American Chamber of Commerce in Korea announced Tuesday the release of its 2025 Business Environment Insight Report: APEC Special Edition, offering an in-depth analysis of Korea's regulatory landscape for US businesses. The report comes amid growing uncertainty in the bilateral trade environment, following the Trump administration's recent proposal of a 25 percent tariff on South Korean imports. In this context, AmCham emphasized the urgent need for Korea to enhance regulatory transparency, reduce duplicative policies and align with global standards. Released in anticipation of the 2025 APEC Economic Leaders' Week in Korea later this year, the report outlines key policy recommendations across 12 major sectors, including digital economy, energy and pharmaceuticals. It identifies around 70 unresolved or newly emerging regulatory issues impacting US companies. 'As challenges rise with the announcement of new tariffs, our confidence in the strength of the bilateral economic partnership remains unchanged,' said AmCham Chair and CEO James Kim. 'This report serves as a practical roadmap for improving market access and strengthening Korea's position as a competitive and reliable destination for global business.' The report also highlights the positive impact of the Korea Free Trade Agreement, which has significantly expanded bilateral trade. AmCham said it aims to work closely with both governments to foster sustainable growth and shared prosperity in the Asia-Pacific region.
