|Title||The 3rd ROK-U.S. Joint Public-Private Economic Forum|
The Korea Institute for International Economic Policy (KIEP), together with the Ministry of Foreign Affairs and the United States Department of State, hosted the 3rd ROK-U.S. Joint Public-Private Economic Forum at the Hotel Shilla, Seoul, on November 7, 2019. At the forum, participants reviewed the progress in economic cooperation between the two countries and discussed views on ways to strengthen cooperation in the future.
Keynote speeches were delivered by Tae-ho Lee, Vice Minister of Foreign Affairs and Keith Krach, Under Secretary of State for Economic Growth, Energy, and the Environment at the opening ceremony. Vice Minister Tae-ho Lee introduced the 2019 ASEAN-ROK Commemorative Summit and the 1st Mekong-ROK Summit to be held in late November as part of major achievements of the New Southern Policy, and expressed hopes to have various suggestions to promote substantive cooperation at the forum. Under Secretary Keith Krach said that economic partnership between Korea and the U.S. is a key pillar of the bilateral alliance and expressed confidence that the two countries would continue to cooperate toward stronger global economic security based on shared values.
A total of three sessions followed, held under the respective titles of Review of ROK-U.S. Economic Relations, ROK-U.S. Partnership in the ASEAN Region, and Women’s Economic Empowerment. At Session 1, the two sides noted that a variety of channels such as the ROK-U.S. Senior Economic Dialogue had been designed to promote bilateral economic cooperation and were currently in effective operation. Discussants, including Dr. Jin Kyo Suh of KIEP, said that cooperation should expand to new areas, including the digital economy, environment and businesswomen’s empowerment, building upon cooperation in traditional areas of trade and investment. Participants also noted the need for sectoral cooperation channels, in addition to inter-governmental consultative mechanisms like the Joint Public-Private Economic Forum, to embrace various stake holders.
At Session 2, the need to seek concrete cooperation between the Korean New Southern Policy and the U.S. Indo-Pacific Strategy in the areas of energy, infrastructure and smart cities was discussed.
At Session 3, participants held discussions on implementing concrete projects, including cultivating capacity, recommending policies and supporting commercial cooperation among business women. A consensus was reached to continue efforts to enhance corporate awareness on women’s economic empowerment as a priority for inter-governmental dialogue.
In his closing remarks, Chul Chung, Senior Vice President of KIEP, said that the ROK-U.S. alliance was born out of security purposes but has now developed into a close economic partnership. Economic exchanges between the two countries are also actively underway in all areas, including goods, services and investment. He also expressed his hope that the suggestions from the forum will serve as a foundation for a more future-oriented and reciprocal ROK-U.S. relations. In addition, he stressed that the Korean New Southern Policy and the U.S. India-Pacific Strategy will complement each other as India and ASEAN are emerging markets along with the prospects for a global slowdown.
- Title: The 3rd ROK-U.S. Joint Public-Private Economic Forum