Abu dhabi: Hyundai Motor Group Chairman Euisun Chung expressed optimism regarding the automaker's prospects in the United States next year, following South Korea's recent trade agreement aimed at reducing U.S. tariffs on Korean-made vehicles.

According to Yonhap News Agency, Chung shared his positive outlook during a business roundtable in Abu Dhabi, which coincided with President Lee Jae Myung's state visit to the United Arab Emirates. The announcement came shortly after Seoul and Washington finalized an agreement to decrease U.S. tariffs on Korean automobiles from 25 percent to 15 percent, in exchange for Seoul's commitment to a US$350 billion investment.

Chung conveyed his belief that the U.S. market would improve in the coming year and expressed appreciation for the government's commitment to securing the trade deal. The agreement stipulates that the reduced tariffs will be applied retroactively, starting from the first day of the month when the necessary legislation to implement the investment fund memorandum of understanding is submitted to the National Assembly. Should the bill be introduced this month, the tariff reduction would be effective from November 1.

Chung welcomed the decision for retroactive implementation, stating, "I'm relieved that the retroactive application is set for Nov. 1. Even having it take effect one month earlier is good for us."