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South Korea Hails Joint Tariff Agreement Statement
After the release on the 14th of the **‘Joint Fact Sheet, the Joint Explanatory Document’**, which details the outcomes of tariff and security sector discussions held during last month’s South Korea-U.S. summit, industries like automotive and shipbuilding showed relief regarding the resolution of uncertainties.
Hyundai Motor Group released a statement, saying, “We appreciate the government's committed efforts to protect national interests, including finalizing tariff discussions, issuing the Joint Fact Sheet, and signing a memorandum of understanding (MOU) for an investment fund after a challenging negotiation period.” It also mentioned, “Moving ahead, we intend to implement various strategies to reduce the effects of tariffs while strengthening our base through improved quality, brand strength, and technological advancement.” Hyundai Motor Group has experienced reduced profits due to the U.S. imposing a 25% tax on Korean vehicles since last April, but this tariff will be reduced to 15% as a result of these discussions.
Leading shipbuilding firms involved in the South Korea-U.S. shipbuilding collaboration project **‘MASGA’**, such as Hanwha Ocean and HD Hyundai, have also thanked the government for its negotiation efforts and mentioned their plan to actively push forward the MASGA initiative. Hanwha has been assessing the expansion of its shipbuilding and defense manufacturing facilities in the U.S. since acquiring the American Philly Shipyard last year and feels that this expansion will speed up bilateral shipbuilding cooperation.
Hanwha Group mentioned, “In line with the decision to enhance the alliance and security between South Korea and the U.S., we will work to not only invest in and expand Hanwha Ocean’s Geoje Shipyard but also promote shared growth with local partners.” It further noted, “We will effectively fulfill the role of the top South Korea-U.S. security partner by incorporating the technology and capabilities of the Geoje Shipyard into local facilities such as the American Philly Shipyard.” Additionally, “We intend to develop infrastructure for building commercial vessels as well as future warships by making further investments in shipyards that align with the U.S. shipbuilding industry's reconstruction requirements.”
A representative from HD Hyundai also stated, "We anticipate that finalizing this fact sheet will alleviate ambiguities in the domestic economy," and mentioned, "As the world's top shipbuilder, HD Hyundai will proactively contribute to the successful progression of the South Korea-U.S. shipbuilding collaboration project MASGA."
A representative from the Korea Pharmaceutical and Bio-Pharma Manufacturers Association stated, "We are pleased and welcome the release of the fact sheet, which has eliminated uncertainties that had caused major concerns for companies exporting to the U.S.," and added, "We anticipate this will positively influence enhancing the global competitiveness of our pharmaceutical and biopharmaceutical sector." The industry is relieved because the continuation of zero tariffs on generic drugs and the assurance of most-favored-nation treatment guarantee tariff conditions that are not unfavorable compared to other nations.
The Federation of Middle Market Enterprises of Korea (FMMK) issued a statement, referring to it as "a crucial moment that will foster mutual prosperity between the two nations," and stated, "With trade and business instability having considerably decreased after the South Korea-U.S. fact sheet announcement, the mid-sized enterprise sector will strive to reinforce our economy's distinct global position by boosting technological competitiveness through ambitious R&D (research and development) investments, expanding the Artificial Intelligence Transition (AX), developing talent, generating high-quality employment opportunities, and broadening international markets."
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