For more information on how these developments may affect your business, please contact Nicole Bivens Collinson at (202) 730-4956 or via email.
Japan and Korea
At a June 26 meeting in Washington, D.C., commerce and industry ministers of the U.S., Japan, and Korea discussed plans to pursue the following actions.
- identifying potential supply chain vulnerabilities for strategic goods that have resulted from non-market policies and practices
- deepening coordination of export controls on critical and emerging technologies and further aligning on Russia controls
- accelerating cooperation on building resilient semiconductor supply chains
- promoting the development of secure and resilient global supply chains for clean/zero emission and low-carbon hydrogen and its derivatives
- increasing the availability of critical minerals and the resilience of their supply chains, including through enhanced processing and refining capabilities
Vietnam
The State Department reports that at the first U.S.-Vietnam Comprehensive Strategic Partnership Economic Dialogue, held June 25 in Washington, D.C., officials discussed expanded cooperation on supply chain resilience in the semiconductor industry, support for Vietnam’s high-tech workforce, advancing the renewable energy transition and implementing climate mitigation efforts, cooperation on critical minerals, managing security risks in trade and international finance, strengthening cybersecurity and critical information and communication infrastructure, and working together to ensure that Vietnam’s legal-regulatory environment will attract high-quality investment. Another meeting is planned in spring 2025.
Romania
The ninth round of the U.S.-Romania Strategic Dialogue, held June 21 in Washington, D.C., included sessions on trade and investment as well as security and defense cooperation, Black Sea security, energy security and interconnectivity, and other topics. However, a State Department readout of the meeting said only that bilateral trade and investment “has expanded significantly” and that the two sides “pledged to build on these developments in order to develop our economic cooperation to its full potential.”
Economic diplomacy
The Biden administration announced June 21 the establishment of the Economic Diplomacy Action Group, which will be composed of senior officials “who exercise significant decision-making authority” within the departments of State, Commerce, Agriculture, and the Treasury; the Office of the U.S. Trade Representative; the U.S. Agency for International Development; the Export-Import Bank; and the U.S. International Development Finance Corporation. According to a State Department press release, the EDAG “will ensure our foreign policy continues to create opportunities for American businesses globally and attract foreign investment into the United States in sectors vital to U.S. national security.” Areas of focus will include supply chain resilience and promoting U.S. exports, including by creating a trade expansion advisory committee with selected representatives from the private sector, labor, and other organizations.
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