S Korean, US biz groups ink FTA cooperation pact

South Korea and US business groups signed a memorandum of understanding (MOU) Monday to better fuel corporate cooperation and investment following the bilateral free trade pact that went into effect in March. The Korea Chamber of Commerce and Industry (KCCI) said the agreement with the United States Chamber of Commerce calls for taking full advantage of opportunities provided by the free trade agreement (FTA) to promote business and investment between the trading partners, according to South Korea's (Yonhap) news agency. The MOU, reached in Seoul, also outlines market information sharing to help small and medium enterprises (SMEs) to expand market presence in the partner country, and various assistance measures so they can fully benefit from the FTA. The KCCI said the two organizations agreed to increase tie-ups in new growth industries, and exchange business delegations in the coming months, as well as seek joint projects. "The latest pact comes as the FTA has helped increase two-way trade, despite the general slowdown in the global economy," a KCCI source said. He, added that the two chambers will work together to support SMEs and allow them to compete more effectively in the international arena. Seoul and Washington implemented the free trade pact also called the KORUS FTA on March 15, which calls for eliminating or lowering of tariffs on broad range of products. The MOU was inked at a signing event, which was attended by KCCI Chairman Sohn Kyung-shik and his U.S. counterpart Tom Donohue.