Yeo Han-goo, head of the Trade Negotiation Bureau at the Ministry of Trade, Industry and Energy, stated on July 13 that the South Korean government is responding calmly to U.S. trade issues while aiming to maintain a balance of benefits under the existing Korea-U.S. tariff agreement. He emphasized the need to minimize uncertainties in the trade environment with the U.S. by collaborating with relevant ministries on key issues, including investigations under Section 301 of the Trade Act.
Yeo made these remarks while presiding over the 58th Trade Promotion Committee meeting at the Korea Chamber of Commerce and Industry in Seoul. The meeting addressed several topics, including recent U.S. trade issues and response directions, plans for joining the Future Investment Trade Partnership (FIT-P), the status and plans for the Korea-Bangladesh Comprehensive Economic Partnership Agreement (CEPA) negotiations, and initiatives for multilateral Green Economy Agreement (GEPA) negotiations.
The government shared recent trends in U.S. tariff policies and conducted a comprehensive review of trade issues with the U.S., covering both tariff and non-tariff aspects. It plans to actively utilize consultation channels with the U.S. to accurately reflect the interests of South Korean companies and ensure close cooperation among relevant ministries to faithfully implement the Korea-U.S. tariff agreement and manage trade issues stably.
Regarding FIT-P, Yeo noted, "Participation in the new cooperation framework that encompasses investment and trade is significant for expanding the overseas market base for our companies and securing future growth engines." He mentioned that efforts to promote participation will be made during the ministerial meeting scheduled for July 16-17 in Auckland, New Zealand.
He added, "We will carefully examine the impact on our industries during the membership application process and strategically advance the initiative through sufficient communication with relevant ministries and stakeholders."
On the CEPA negotiations with Bangladesh, the world’s eighth most populous country, Yeo stated, "This will be an important opportunity to establish a foothold for our companies in South Asia and advance economic cooperation between the two countries." He emphasized the need to focus on reflecting the interests of South Korean companies during the negotiations to establish a stable entry base and achieve mutually beneficial outcomes.
Yeo also remarked, "As carbon neutrality and the transition to a clean economy become established as new trade orders, the formation of trade norms in the green economy sector and mutual cooperation are no longer optional but essential." He stressed that GEPA could serve as an important foundation for proactively participating in the formation of future trade norms, enhancing the competitiveness of South Korean companies and expanding opportunities in low-carbon markets.
He concluded, "The issues discussed today are key to determining the future competitiveness of our economy in a rapidly changing trade environment. It is necessary to push forward with the implementation plans for each agenda item swiftly to create tangible results that our companies can feel in the field, and I urge continuous cooperation from relevant ministries."
* This article has been translated by AI.
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