US and South Korea to trade more semiconductors, electric vehicles and batteries under new trade memorandum of understanding

The United States and South Korea have announced the signing of a memorandum of understanding to establish a supply chain between the two countries and strengthen trade cooperation, the U.S. Department of Commerce announced Saturday in a communicated.

This protocol should allowdeepen“collaboration between the two countries, and”establishing trade dialogue and supply chain between the United States and Korea“.

“Cooperation on semiconductors, electric vehicles and electric vehicle batteries, fuel cells and solar technology, and the digital economy will continue to transform our societies and boost our shared economic prosperity.“, underlined the two countries.

Increased collaboration and international competitiveness of US and Korean industry

US Secretary of Commerce Gina Raimondo earlier held a roundtable with South Korea’s Minister of Commerce, Industry and Energy, Lee Chang-Yang, as well as business leaders from the two countries, such as Hyundai, LG, Samsung, Qualcomm or GE.

Emphasis was placed on the importance of “cross-border investments in sectors critical to the long-term growth of both economies“.

The United States and Korea are important trading and investment partners. Korea is the sixth largest trading partner of the United States. Korean companies have invested more than $62 billion in the United States, and the United States has been Korea’s second largest source of foreign direct investment for more than a decade.

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