“Korea is firmly committed to free trade, to economic openness, for creativity can never thrive in a closed economy,” Park said today at a luncheon sponsored by the U.S. Chamber of Commerce in Washington. “We will make the Korea-U.S. alliance even stronger.”
South Korea, the seventh-largest U.S. trading partner, and the U.S. last year put into effect a free-trade agreement aimed at cutting about 80 percent of tariffs between the two nations. The U.S. and South Korea have been in a standoff with North Korea since February after the government in Pyongyang tested a nuclear weapon in defiance of United Nations sanctions and then threatened atomic strikes.
“No North Korean provocation can succeed,” Park said.
The U.S. exported $42.3 billion in merchandise including electronic products, chemicals and vehicles to South Korea in 2012. The U.S. trade deficit with the Asian nation increased 25 percent, to $16.6 billion, last year.
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