Yesterday the Chamber and its affiliated U.S.-Korea Business Council held a CEO roundtable with Korean President Lee Myung-bak, who visited Washington this week for meetings with President Obama, senior administration officials, and members of Congress. While the main focus of President Lee’s visit was to discuss responses to North Korea’s recent nuclear and missile tests, the global economy and the U.S.-Korea economic relationship were also high on Lee’s agenda.

At the CEO roundtable, President Lee met with U.S. Chamber chairman Bob Milligan, U.S.-Korea Business Council chairman William Rhodes, and other U.S. business leaders and urged them to step up efforts to obtain early approval by Congress of the U.S.-Korea FTA. Signed two years ago this month, the FTA will provide substantial benefits to all sectors of the U.S. economy by eliminating trade barriers and opening Korea’s market to U.S. manufacturers, farmers, and services providers. However, political challenges have held up legislative approval of the FTA in both countries.

President Obama affirmed at a joint press conference with President Lee yesterday that the two governments would work to address concerns that have been raised on the U.S.-Korea FTA and to move forward to increase U.S.-Korea commercial ties. In a guest editorial in yesterday’s Washington Times, U.S. Chamber senior vice president for international affairs and U.S.-Korea Business Council president Myron Brilliant urged the two governments to explore ways to get legislators in both countries move forward on the FTA—in doing so strengthening the overall bilateral alliance.

President Lee also discussed with CEO roundtable participants his government’s economic goals and potential opportunities for commercial cooperation between the two countries, including on new energy technologies. Additionally, in conjunction with Lee’s visit, the Korean government signed a memorandum of understanding with the U.S. Department of Commerce to work together to promote increased U.S.-Korea commercial cooperation. The U.S.-Korea Business Council and American Chamber of Commerce in Korea, in a recent report, offer recommendations for several actions the two governments could take in these and other areas that will build the economic partnership and promote economic growth.