SEOUL, Republic of Korea — On Monday, March 11, Governor Sarah Huckabee Sanders signed a Memorandum of Understanding to strengthen economic and cultural ties between the State of Arkansas and Korea’s International Trade Association and Korea’s-U.S. Economic Council, Inc. 

The text of the agreement is below:

Whereas: It is agreed by and amongst The State of Arkansas (State), the Korea International Trade Association (KITA) and Korea-U.S. Economic Council, Inc. (KUSEC) that the signatory State and the Republic of Korea have bright prospects for expanded economic cooperation, potential to yield further, and substantial mutual benefits based on the complementary economic structures of the two; and

Whereas: The State, KITA and KUSEC each bear important responsibilities for fostering the growth of trade and investment relations within the frameworks of our free enterprise economies.

Now, therefore, The State, KITA and KUSEC agree that each will take the further necessary steps to:

1. Promote mutual understanding and cooperation between the respective private sector business communities of the State of Arkansas and the Republic of Korea in the fields of trade, joint venture facilitation, and investment relations.
2. Exchange and disseminate relevant business and economic information on goods and services that are available from the other country/state to businesses of their respective countries.
3. Notify each other of trade exhibitions and investment seminars to be held in each party’s respective country/state, and render appropriate and timely assistance when requested.
4. Sponsor and promote exchanges and visits by delegations and businesses of each party’s respective country/state and extend cooperation and assistance to the visitors sponsored by the other party.
5. Advise each other of firms that have interest in joint ventures or investment in each party’s respective country.
6. Given the specific cultural and economic importance of agriculture industry to both the Republic of Korea and the State of Arkansas, cooperate on trade and agricultural science and technology initiatives.
7. Given the growing importance of lithium in global markets, with the Republic of Korea as an industry leader, and considering Arkansas’ rapidly developing lithium industry, cooperate to develop business ties with a focus on leveraging lithium resources and insights between both entities. 

This agreement shall enter into force on the date of its signature by the representatives of both parties concerned and will remain valid for ten years. It will be extended automatically, one year at a time, unless written notice is given by one party to the other for termination of the agreement not less than six months before the next date of expiration. The agreement will be executed on a best effort basis and is not intended to create any legal or financial obligation for either institution. 

Signed in Seoul on the 11^th of March, 2024.