Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho delivers an opening speech at Korea Times Forum, titled "New Challenges for Korea-U.S. Alliance," at the Korea Chamber of Commerce and Industry (KCCI) building in Seoul, Wednesday. Korea Times photo by Choi Won-suk

By Yi Whan-woo

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho stressed the importance of fine-tuning conflicts of economic interests between Korea and the United States, as their alliance is broadening to the economic sphere that increasingly impacts national security across the world.

Speaking at the Korea Times Forum, titled "New Challenges for Korea-U.S. Alliance," Wednesday, Choo underlined the importance of cooperation ― largely in four areas ― to upgrade the decades-long security-oriented alliance so as to jointly safeguard the economy as well.

The four areas were, trade and the supply chain, next generation technologies such as chips, secondary batteries and bioscience, currency markets plus climate change and other global challenges.

"The Korea-U.S. alliance is becoming more important than ever, with the global economy facing a tough time as if it is at war," Choo said in his opening speech at the forum held at the Korea Chamber of Commerce and Industry (KCCI) building in Seoul.

The turbulent global economy, Choo noted, is triggered by the COVID-19 pandemic and worsened by the war in Ukraine, China-Taiwan tensions, high inflation due to pandemic-driven stimulus policies, a rapid fall in liquidity, and climate change that is at the brink of "disastrous" tipping points.

He then pointed out some measures taken by the Joe Biden administration to cope with the aforementioned challenges, highlighting that they are becoming sources of discord in trade relations between Korea and the U.S.

The measures include the Inflation Reduction Act (IRA), the Chips and Science Act and the Fab 4, which are intended to contain China yet also restrict Korean businesses' operations as well.