Amid growing concerns about expanding trade risks in big election years in 76 countries around the world holding elections, the Korean government has decided to actively manage risk factors through a strategy meeting among industry, academia, and research centers.
The Ministry of Trade, Industry and Energy (MOTIE) said it launched the Global Trade Strategy Conference and presided over the first meeting of the conference at Lotte Hotel in Seoul on Feb. 26.
The meeting was attended by MOTIE Minister Ahn Duk-geun, who presided over the meeting, and representatives from automotive, semiconductor, and nuclear power companies. Also, representatives from related organizations such as the Korea Chamber of Commerce and Industry, Korea Trade-Investment Promotion Agency (KOTRA), and the Korea Federation of Small and Medium Business attended. Academic experts also attended the event, which included those from the Korea Institute for International Economic Policy (KIEP) and the Korea Institute for Industrial Economics and Trade (KIET).
This year, the elections are expected to be held in 76 countries around the world, including the United States, leading to big increases in global uncertainties and in trade risks.
In response, Minister Ahn examined the overall direction of the Korean government and industry with the participants on the topics of a global trade outlook and an analysis of global trade environments and global changes’ impact on Korea’s major industries and strategies to deal with the global changes.
Commenting on the first meeting, Minister Ahn said, “Korea is faced with tough global trade environments,” adding, “The Korean government will utilize the Trade Strategy Meeting as a platform to better tackle this issue.”
Going forward, the MOTIE plans to hold the Trade Strategy Meeting and run the Working Group on a two-track basis throughout the year. Following the trade strategy meeting, the ministry will regularly hold working group meetings to analyze risks by issue, region, and industry in detail, and prepare strategies for each scenario.
“Korean trade officials are also closely cooperating through various channels on current issues such as the U.S. Inflation Reduction Act (IRA), the foreign entities of concern (FEOCs) semiconductor subsidies, and the European Union’s Carbon Border Adjustment Mechanism (CBAM),” Ahn said. “We will continue to work by becoming one united team with Korean industry to reflect Korea’s positions as much as possible.”