Commerce Secretary Gary Locke Meets With Korea’s Minister of Knowledge Economy Lee Youn Ho, Signs Memorandum of Understanding

U.S. Commerce Secretary Gary Locke hosted a meeting and signed a Memorandum of Understanding (MOU) on commercial cooperation with Korea’s Minister of Knowledge Economy Mr. Lee Youn Ho at the Commerce Department today. This was the first meeting between the Secretary and Minister Lee.

Secretary Locke and Minister Lee confirmed the importance of further strengthening the U.S.-Korea commercial relationship and continuing to deepen cooperation on trade and investment issues.

Secretary Locke and Minister Lee expressed support for removing barriers to trade, including finding a way forward on the U.S.-Korea Free Trade Agreement (KORUS FTA) and working cooperatively on a successful conclusion to the Doha round of WTO negotiations. They agreed that the KORUS FTA has the potential to provide significant benefits to manufacturers, service providers, farmers, ranchers and workers both in the United States and in Korea.

“The United States and Korea traded $83 billion in goods in 2008, a record,” Secretary Locke said. “Despite the turmoil in the global economy, I believe that, through further mutual efforts to tear down barriers to trade around the world, we can secure a stronger future for American companies and workers.”

Immediately following the meeting, Secretary Locke and Minister Lee signed a Memorandum of Understanding on commercial cooperation between the U.S. Department of Commerce and Korea’s Ministry of Knowledge Economy. The MOU outlines three areas for enhanced bilateral cooperation: 1) trade and investment, 2) high technology and strategic trade, and 3) standards and research and development (R&D).