WASHINGTON: The United States and South Korea released details of a trade agreement on Friday (Nov 14) that includes a US$150 billion Korean investment in the American shipbuilding sector and an additional US$200 billion earmarked for industrial sectors, the two countries said.
The joint announcement followed a meeting in October between South Korean President Lee Jae Myung and US President Donald Trump, where they agreed to a deal that would cut American import duties on South Korea’s products to 15 per cent from 25 per cent.
“Finally, the South Korea-US trade, commerce, and security negotiations, which were among the biggest variables affecting our economy and security, are … concluded,” Lee said on Friday.
“Good competition requires excellent partners, and I believe President Trump’s rational decision played a significant role in achieving meaningful agreement.”
Under the agreement, Lee said South Korea will build nuclear-powered submarines and form a new partnership with the US on shipbuilding, artificial intelligence and the nuclear industry.
A fact sheet released by the White House said that the US gave approval for South Korea to build nuclear-powered submarines.
Washington will work closely with Seoul to find avenues to source fuel, it said.
The White House said South Korea will invest US$350 billion in the US, including US$150 billion in the shipbuilding sector.
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Source: CNA
