The events are a response to recent changes in the US automobile market, which are expected to have a severe impact on Korean companies.
In May, the US began inspections of imported automobiles and parts with the aim of limiting the country’s dependency on imports. The United States-Mexico-Canada Agreement replaced the North American Free Trade Agreement in September, increasing the proportion of car parts to be procured from within North America to 75 percent from the current 62.5 percent.
A forum set for Tuesday in Detroit, Michigan, designed to address the growing trend toward protectionism, will be attended by representatives of the Korean government, the US international trade law firm ST&R and the US Original Equipment Suppliers Association, along with automobile research experts. They will discuss the current status of trade policies in the US and Korea, the trade status of the car industry and the outlook for the trade environment.
On Thursday, KOTRA will host another networking event for Korean car suppliers and Volkswagen USA at the company’s office in Chattanooga, Tennessee. At that event, 22 Korean parts companies will exhibit their products and take part in a discussion with Volkswagen.
“The trade forum and business event with Volkswagen will provide an opportunity for Korean companies to better respond to the (changing) trade environment in the US,” said Kim Doo-young, chief of KOTRA’s innovation growth division.
By Shin Ji-hye (firstname.lastname@example.org)