President Lee Jae Myung (center) on Nov. 14 announces a final agreement on a joint fact sheet with the U.S. at a news conference held at the Office of the President in Seoul. From left are Presidential Chief of Staff for Policy Kim Yong-beom, President Lee and National Security Office Director Wi Sung-lac. (President Lee's Facebook account)
By Yoon Sojung
In the agreement concluded on Nov. 14, Washington approved Seoul's bid to build nuclear-powered submarines and expressed support for Korea's acquisition of rights to enrich uranium and reprocess spent fuel for peaceful uses.
The administration of President Lee Jae Myung, in turn, pledged investment of USD 350 billion (KRW 510 trillion) in the U.S. while the latter will lower tariffs on Korean cars to 15% and apply tariffs on Korean semiconductors "no less favorable than terms that may be offered in a future agreement covering a volume of semiconductor trade at least as large as Korea's" as determined by Washington.
President Lee told a news conference at his office, "Negotiations with the U.S. on trade, commerce and security, the biggest variables affecting our Korean economy and security, have finally been concluded."
"Good competition requires outstanding partners and thus President (Donald) Trump's rational decision played a big role in producing a meaningful outcome in the negotiations," he added. "I express my gratitude and respect for President Trump's courageous decision."
"As uncertainty worsens in the international community, maintenance of stable ties with neighbors in the region is also essential," President Lee said, hinting that his bilateral summit with Chinese counterpart Xi Jinping on Nov. 1 at the Asia-Pacific Economic Cooperation (APEC) forum in Gyeongju, Gyeongsangbuk-do Province, was an opportunity to improve relations with China.
"Though the U.S. also faces conflict and confrontation with China on various fronts, both sides still cooperate when possible," he added. "Through steady dialogue with China, my administration with China will continue pursuing a path toward developing bilateral ties and peace on the Korean Peninsula."
Afterward, Presidential Chief of Staff for Policy Kim Yong-beom explained the details of the fact sheet by section, including rebuilding and expanding critical industries; stabilizing the foreign exchange market; boosting commercial ties; promoting two-way trade; cooperating in agriculture and digital service; and protection of economic prosperity.
On the significance of the fact sheet, the official said, "The most important thing is that the memorandum of understanding on strategic investment and tariff reduction deals between both countries were clearly stated in the agreement."
The White House on Nov. 13 in Washington also released the fact sheet agreed at the bilateral summit between Presidents Lee and Trump at the APEC Gyeongju late last month.
arete@korea.kr
