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1 2009 Journal of the Korea America Friendship Society (KAFS)

2 Journal of the Korea America Friendship Society (KAFS)

3 LASTING FRIENDS

4 Journal of the Korea America Friendship Society (KAFS)

5 LASTING FRIENDS U.S.-Korea Relations under the New Obama Administration Anew era dawned in America on January 20 th, 2009 as President Barack Obama was sworn in as the 44th American President. A record number of Americans eagerly attended the inauguration while many watched this historic event from home and around the world. Expectations for this new administration are very high in light of the current state of American and global economic affairs. President Obama s inauguration speech clearly illustrated that he is eager and determined to face this difficult challenge head on. The Obama administration has also clearly expressed its wishes to strengthen ties with international allies and there seems to be a fundamental understanding that a strong partnership between the U.S. and its other significant neighbors is critical for global growth and survival. With almost half of the global economy shifting to the Asia-Pacific region, both the U.S. and Korea understand the importance of their relationship. Both countries share a firm commitment to democracy, and the U.S.-Korea security alliance has helped to maintain peace in the northeast Asian region for over fifty years. the U.S. has Ever had as we work together side by side in so many places like Afghanistan, Iraq and Lebanon, just to name a Tami Overby few. These countries are strugg- ling to build their economies and establish democracies, just as Korea has done over the past several decades. AMCHAM is also extremely pleased that Korea has finally entered America s Visa Waiver Program. This was the first issue I started working on when I started this job in 1995 so it is very rewarding to see more and more Koreans able to travel back and forth to the U.S. without the challenge and expense of having to apply for a visa. Over the past 50 years however, the economic aspect of our relationship has increasingly become very significant. Korea is the 7th largest trading partner to the U.S. with approximately $82 billion worth of bilateral trade recorded in Without doubt, Korea is one of the strongest allies The two nations recent efforts to ratify the Korea-

Expectations for this new administration are very high in light of the current state of American and global economic affairs.

6 Journal of the Korea America Friendship Society (KAFS) We are extremely grateful for the continued strong efforts of organizations like the Korea America Friendship Society who remain committed to our bilateral friendship. Your efforts and strong leadership play a very important role and members of the American Chamber of Commerce in Korea are extremely appreciative. U.S. Free Trade Agreement (KORUS FTA) are symbolic of the progress and potential of this growing economic relationship. Free Trade Agreements create jobs and economic opportunities. This particular FTA is the most commercially significant America has concluded in over 15 years, since we finished the NAFTA. This agreement will also offer Korean firms preferential access to the world s largest market ahead of your neighbors. One of the many reasons I know the KORUS FTA is a good agreement for Korea is by how your neighbors responded. Right after our governments announced the launch of the negotiation in February 2006; a Japanese business delegation came to Seoul and met with me. They were extremely interested about whether the agreement would be completed. As you all know, Korea and America signed the agreement on June 30th, 2007 and now all that remains is for both countries to ratify. The Japanese were interested because once that happens; Korean firms will have an advantage over Japanese firms in the American market. At the same time, the Japanese business community started pressing its government to launch an FTA negotiation with Japan. Recently Prime Minister Aso came to Seoul with the largest Japanese business delegation in decades. Now, with the new U.S. administration in place, both countries can look forward to a strong future and the strengthening of both our economic and security ties. With the recent global economic woes, many are curious about the new Congress and administration s plans on trade and economic policy-and have questioned whether the U.S. might make a shift towards protectionism. There is little doubt that President Obama will face protectionist pressure from Democrats of the House and Senate as well from large labor groups who supported his presidential campaign. We are watching events unfold as a broad collection of business groups, including the U.S. Chamber of Commerce joined together to denounce the Buy American provisions in the U.S. economic stimulus package. We are reminding our leaders of the history

Free Trade Agreement (KORUS FTA) are symbolic of the progress and potential of this growing economic relationship. Free Trade Agreements create jobs and economic opportunities.

7 LASTING FRIENDS surrounding the Smoot-Hawley tariffs, when in 1930 Congress passed that act and other nations responded by closing their markets. The result was a collapse in U.S. trade that turned a sharp recession into the Great Depression. We applaud President Lee Myung-Bak s eloquent words at the G20 meeting last November in Washington D.C. where he asked for a standstill against protectionism. With over 70% of Korea s GDP tied to exports, your leadership clearly understands the dangers if the world forgets history and condemns us to repeat it. Yet, President Obama and his team are strongly committed to restoring economic stability-and therefore committed to stability and security in Asia. The Obama administration will not simply turn its back on what is obviously a very important and critical U.S.-Korea relationship. Korea s recent designation of former Prime Minister Han, Duck-Soo as the new Ambassador to the U.S. is also very encouraging. Dr. Han s vast experience and knowledge of the importance of the bilateral relationship will undoubtedly help further strengthen our two nations ties. The leadership he showed both as the Prime Minister and as the FTA Promotion & Policy Adjustment Authority clearly illustrated that he is capable of taking on this difficult task and AMCHAM Korea is very excited to see this well-respected professional chosen by the Korean government. His designation shows that the Korean government is also truly committed to sustaining and enhancing this important relationship. U.S. Ambassador to Korea Kathleen Stephens has also stated that the new administration has expressed on several occasions its commitment to the U.S.- Korea partnership and alliance. The two Presidents conveyed this message over a phone conversation. By deepening cooperation on commercial issues such as economic stabilization and growth and security issues such as the North Korean nuclear issue, both nations can be very optimistic in looking forward to the continuance of a very strong partnership and alliance. Although we face difficult economic times in the immediate future, history has proved on multiple occasions that both Korea and the U.S. are resilient, tough, and up to the task. The two countries can count on each other for support in times of difficulty. With such strong commitment to a healthy bilateral relationship and shared goals, there is no doubt that we will eventually prevail once again achieving international prosperity for both our great nations. We are extremely grateful for the continued strong efforts of organizations like the Korea America Friendship Society who remain committed to our bilateral friendship. Your efforts and strong leadership play a very important role and members of the American Chamber of Commerce in Korea are extremely appreciative.

With over 70% of Korea s GDP tied to exports, your leadership clearly understands the dangers if the world forgets history and condemns us to repeat it.

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#ÇÑ¹Ì¿ìÈ£-147È£

#ÇÑ¹Ì¿ìÈ£-147È£ 2009 Journal of the Korea America Friendship Society (KAFS) Journal of the Korea America Friendship Society (KAFS) LASTING FRIENDS Journal of the Korea America Friendship Society (KAFS) LASTING FRIENDS