By James Kim

The year 2023 marks the 70th anniversary of the U.S.-Korea Alliance, which has been a linchpin to defend the freedom, security, stability and prosperity in the region. The U.S. and Korea have shared a long history of cooperation based on mutual trust, shared values of democracy, common strategic interests and an enduring friendship.

We have come a long way, not just in terms of the economic partnership but also in the steadfast military alliance and people-to-people exchange.

With the development of the Korean economy over time, trade and investment have become critical aspects of the U.S.-Korea relationship. Arguably, the most important layer of the relationship is the Korea-U.S. Free Trade Agreement (KORUS FTA), which has served a key role in promoting bilateral trade and investment for over ten years.

Now, with both countries facing changes in the international trade order and disruptions in the supply chain, the U.S. and Korea have recognized the need jointly to address challenges under the context of an economic security and technology alliance.

In fact, cooperation between U.S. and Korean firms has been essential in the development of these industries, and the importance of strategic partnerships in key sectors is greater than ever.

More recently, under the leadership of U.S. President Joe Biden and President Yoon Suk-yeol, we have seen the U.S.-Korea relationship reaching new heights.

At their first summit, last May, President Biden and President Yoon pledged their commitment to a "global comprehensive strategic alliance" that jointly contributes to peace, security and prosperity in the region and throughout the globe. It was inspiring to witness the incredible professional and personal relationship between the two leaders.

President Yoon Suk-yeol, second from left, and U.S. President Joe Biden, left, look around Samsung Electronics' semiconductor plant in Pyeongtaek, Gyeonggi Province, with Samsung Electronics Chairman Lee Jae-yong, third from left, in this May 2022 file photo. Korea Times photo by Seo Jae-hoon

One element of these newly solidified ties is the Korean government's economic security agenda, which is consistent with the U.S. government's Indo-Pacific strategy, especially involving the Indo-Pacific Economic Framework (IPEF).

Korea has already expressed interest in actively participating in the IPEF, which includes the four pillars of Trade, Supply Chain, Clean Energy and Anti-corruption & Tax. The U.S.-Korea partnership through the IPEF is essential to promoting regional peace and security as well as greater commercial opportunities between the two countries.