Park Jeong-seong, the new head of the Ministry of Trade, Industry and Energy's Trade Negotiation Headquarters, held the first meeting of the Trade Promotion Committee after his appointment, addressing U.S. tariffs, non-tariff measures, and investment issues.
On August 26, the Ministry convened the 59th Trade Promotion Committee at the Government Sejong Center, chaired by Park, with participation from senior officials from relevant ministries.
The ministry reviewed recent trade issues with the U.S. and discussed strategies to address key concerns, including tariffs, non-tariff barriers, and U.S. investment. It emphasized enhancing information sharing and collaboration among ministries to respond swiftly to U.S. measures and changes in the trade environment, while supporting stable exports and investments for domestic companies.
Under the Korea-U.S. trade agreement, the U.S. applies a 15% reciprocal tariff on South Korean products and has reduced tariffs under Section 232 of the Trade Expansion Act on automobiles and auto parts to 15%. South Korea plans to invest a total of $350 billion in the U.S., including $150 billion in the shipbuilding sector and $200 billion in strategic industries such as semiconductors, energy, and critical minerals.
As a result, selecting investment projects, managing profit and risk distribution, and providing financial support remain key trade tasks. The U.S. is also expanding its item-specific tariffs.
On the same day, the government discussed plans for bilateral agreements with Argentina and Uruguay, aiming to expand cooperation with major South American countries, which are seen as untapped markets, to diversify export markets.
The government also reviewed its approach for the upcoming G20 Trade Ministers' Meeting, scheduled from September 30 to October 1. It discussed sharing trends on major agenda items and coordinating among ministries to reflect South Korea's position in multilateral trade discussions.
The government plans to activate a whole-of-government cooperation system centered on the Trade Promotion Committee to address U.S. trade issues, new market trade agreements, and multilateral cooperation.
Park emphasized, "In the current environment of significant uncertainty in trade, it is crucial to respond steadfastly to U.S. trade issues. We must diversify our trade network to new markets, such as South America, and actively reflect our position in multilateral forums like the G20."
He added, "I urge relevant ministries to closely share situational awareness and consolidate their capabilities to respond as a unified team."
* This article has been translated by AI.
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