Park Jeong-seong, the newly appointed head of the Trade Negotiation Bureau at the Ministry of Trade, Industry and Energy, stated on August 24 that "the implementation of U.S.-Korea strategic investment has emerged as the biggest challenge and opportunity between the two countries," adding that "through strategic investment, we will create a new bilateral cooperation framework comparable to the past U.S.-Korea Free Trade Agreement (FTA)."
During his inauguration ceremony at the government complex in Sejong, Park noted, "The U.S.-initiated tariff restructuring and the movement toward domesticating strategic industries are signaling a restructuring of the trade order, solidifying strategic competition between the U.S. and China and prompting solidarity among other middle powers."
Regarding the implementation of U.S.-Korea strategic investment, he emphasized that it would provide an opportunity for the Korean public to develop a new perspective on the U.S.-Korea relationship, stating, "We must exert all efforts to achieve the right outcomes in strategic investment discussions."
Park assessed that the global trade environment is shifting from an era centered on the World Trade Organization (WTO), which emphasized openness, efficiency, and non-discrimination, to one focused on economic security. He identified tariffs, subsidies, industrial policy, supply chain cooperation, export controls, and investment reviews as key tools in creating this new trade order.
He also highlighted the importance of linking industrial and trade policies, stating, "If securing irreplaceable industries and technologies is the core of industrial policy, then creating space to realize this within the global supply chain is the essence of trade policy." He noted that Korea has become a country with irreplaceable or rapidly growing industries in semiconductors, nuclear power, and shipbuilding.
Park remarked, "In the past, we had no choice but to comply with the global trade order, but thanks to this industrial growth, we are now in a position to assertively voice our opinions as a stakeholder in shaping the new trade order." He stressed the need to actively discover and lead trade negotiation agendas to solidify this status.
On exports, he mentioned, "We are experiencing rapid growth in annual exports, moving from $700 billion toward $1 trillion," and added, "Countries with irreplaceable industries are chosen, while those with only replaceable industries face economic security realities that compel them to make choices. Therefore, we must rapidly expand our trade infrastructure alongside the cultivation of new irreplaceable industries."
Regarding export diversification, he stated, "Both the markets for resource procurement and the markets for exporting products need diversification," and noted, "We have quickly upgraded existing FTAs and are making efforts to establish comprehensive economic cooperation networks with emerging regions, moving toward simultaneous and bold diversification at a pace unmatched by any other country."
Park concluded by saying, "We will strengthen communication with businesses, farmers, fishermen, and field personnel, and closely collaborate with various ministries and overseas missions," adding, "Trade policy starts domestically, and our strength in negotiations comes from inter-ministerial coordination, so I will support you all."
* This article has been translated by AI.
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