Hyosung Group Honorary Chairman Cho Suck-rai delivers a speech calling for the swift ratification of the South Korea-US free trade agreement by both countries' legislatures during the 20th Korea-US Business Council meeting in Washington, D.C., held June 13-14, 2007, in this file photo provided by Hyosung Group. (Yonhap)
Hyosung Group Honorary Chairman Cho Suck-rai delivers a speech calling for the swift ratification of the South Korea-US free trade agreement by both countries' legislatures during the 20th Korea-US Business Council meeting in Washington, D.C., held June 13-14, 2007, in this file photo provided by Hyosung Group. (Yonhap)

Hyosung Group said Monday its late honorary chairman, Cho Suck-rai, has been posthumously honored with the 24th Korea-US Friendship Award in recognition of his contributions to strengthening the alliance between South Korea and the United States.

Cho played a leading role in promoting international economic exchanges, serving as international president of the Pacific Basin Economic Council in 2002, and heading major business cooperation organizations at home and abroad.

He was among the first South Korean business leaders to propose a free trade agreement between South Korea and the US, helping lay the groundwork for the bilateral trade pact.

As a senior leader of the Korea-US Business Council, Cho also played a key role in South Korea's inclusion in the US Visa Waiver Program in 2008.

During an awards ceremony in Seoul last week, Hyosung Group Chairman Cho Hyun-joon, who accepted the award on behalf of his late father, pledged to continue efforts to strengthen bilateral ties.

Established in 2002, the Korea-US Friendship Award is presented annually by the Korea-America Association to individuals who have made significant contributions to the bilateral friendship and alliance. (Yonhap)