Chamber Urges Stronger U.S.-Korea Ties.Business Editors WASHINGTON--(BUSINESS WIRE)--March 14, 2003 The United States Chamber of Commerce The United States Chamber of Commerce is the world's largest not-for-profit business federation, representing
Secretariat (foaled 1970) U.S. to U.S.-Korea Business Council, today released the council's 2003 white paper, which outlines American business priorities in Korea and measures to improve the business climate between the two countries. "South Korea is well positioned to attract increased U.S. trade and investment in light of its strategic location and recent positive economic reforms," said Myron Brilliant, Chamber vice president for Asia, and executive vice president of the U.S.-Korea Business Council. "This white paper is me ant to open a dialogue on how best to strengthen the historic relationship between America and Korea, and what best practices can be implemented to create new, mutually beneficial Adj. 1. mutually beneficial - mutually dependent interdependent, mutualist dependent - relying on or requiring a person or thing for support, supply, or what is needed; "dependent children"; "dependent on moisture" opportunities for American and Korean businesses." The white paper released today offers the perspective of the American business community on matters of importance to investment in Korea. It will be sent to newly elected South Korean President Roh Moo-hyun
The paper makes recommendations in several areas, including regulatory reform Regulatory Reform concerns improvements to the quality of government regulation. At the international level, the "OECD Regulatory Reform Programme is aimed at helping governments improve regulatory quality -- that is, reforming regulations that raise unnecessary obstacles to , flexibility in labor laws labor law, legislation dealing with human beings in their capacity as workers or wage earners. The Industrial Revolution, by introducing the machine and factory production, greatly expanded the class of workers dependent on wages as their source of income. , consistent and transparent enforcement of intellectual property rights, and a reduction in Korea's eight percent tariff on imported vehicles. The report also recommends insurance reforms and changes in laws regulating pharmaceuticals to allow Koreans access to the latest and most advanced medical treatments available. "Increasing trade ties between our two countries will bolster the overall relationship between our nations," Brilliant said. "The recommendations in this paper will improve Korea's business climate and enhance prospects for increased bilateral trade and investment. The Chamber, and members of the Council, looks forward to working with the Korean and U.S. governments to implement constructive reforms." The U.S. Chamber of Commerce The U.S. Chamber of Commerce is the world's largest not-for-profit federation of businesses, representing more than 3 million businesses and organizations in the United States. As of 2003, the chamber was comprised of 3000 state and local chambers and 830 business associations. is the world's largest business federation representing more than three million businesses and organizations of every size, sector and region. A copy of the U.S.-Korea Business Council white paper is available at: www.uschamber.com/international/regional/asia/default |
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