South Korea’s interest in joining the Trans-Pacific Partnership is yet another reason why a final trade pact should include strong, enforceable rules prohibiting currency manipulation, say American automakers.
“The Korean government has intervened frequently in the foreign exchange markets to manage the value of the won to gain or retain a competitive advantage,” American Automotive Policy Council President Matt Blunt says in a statement released today.
The AAPC represents the interests of the “big three” — Ford, Chrysler and General Motors.
Blunt also urges the U.S. to leverage possible TPP membership to fight a number of alleged non-tariff barriers to U.S. automakers wanting to operate in South Korea, itself one of the world’s major exporters of autos.
“A number of domestic policies dealing with labor and competition policy issues are creating a very difficult business environment for foreign companies operating in Korea,” Blunt says in his statement.