The South Korean government is reviewing trade issues at a multi-ministerial level following the announcement of the U.S. strategic investment project. Discussions will also cover the follow-up negotiations for the Korea-China Free Trade Agreement (FTA) and the establishment of industrial zones for Korean companies in India.
The Ministry of Trade, Industry and Energy held the 60th Trade Promotion Committee meeting on October 8 in Seoul, chaired by Park Jeong-seong, head of the Trade Negotiation Headquarters. Representatives from relevant ministries attended to discuss recent trade issues with the U.S., response plans, the status of follow-up negotiations for the Korea-China FTA, and plans for the industrial zones in India.
The government will first share key trade issues related to the U.S. among the ministries and assess necessary response measures and cooperation. It aims to respond promptly to U.S. trade issues while ensuring the smooth implementation of the recently announced Korea-U.S. strategic investment project, thereby fostering a cooperative atmosphere in overall trade and industrial collaboration between the two countries.
On October 1, South Korea and the U.S. officially announced the strategic investment project, confirming the $22.3 billion Texas gas combined cycle project, known as 'Project Star,' and agreeing to continue discussions on the $120 billion collaboration for eight large nuclear power plants, referred to as 'Project Power.' The Alaska LNG project, 'Project North,' is under review based on commercial viability.
The meeting will also assess the response plan for the follow-up negotiations on the Korea-China FTA. The two countries are discussing ways to clarify service sectors for market entry conditions to facilitate service trade and investment. The government aims to improve the conditions for Korean companies entering the Chinese market through these negotiations.
In India, the government is promoting the establishment of industrial zones exclusively for Korean companies. Relevant ministries will jointly address the actual needs of businesses, infrastructure, financial support, and negotiations on business conditions with Indian counterparts.
Park Jeong-seong emphasized, "As uncertainties in the global trade environment increase, strategic responses by market are crucial. I urge relevant ministries to strengthen trade and investment cooperation with major countries like the U.S., China, and India, and to work closely to ensure that our companies' overseas expansion efforts lead to tangible results."
* This article has been translated by AI.
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