South Korea’s New Industry Minister Vows Action Against Trade Protectionism
The new industry minister of South Korea, Ahn Duk-geun, has promised to take proactive measures against trade protectionism from major trade partners. In his inauguration speech, Minister Ahn emphasized the need to address trade measures from the European Union, China, and the United States. He highlighted the importance of removing export-related hurdles in areas such as finance, marketing, and certification to support exporters.
This commitment comes as South Korea continues to focus on maintaining the momentum of its export recovery. In December, the country’s monthly exports increased by 5.1 percent year-on-year, marking the third consecutive month of growth. The South Korean government has been working to minimize the impact of overseas trade policies on local businesses through initiatives such as the Inflation Reduction Act and efforts to counter France’s electric car subsidies rule.
To sustain the upward trend, Minister Ahn emphasized the importance of eliminating unnecessary regulations and providing tax benefits for companies with cutting-edge technologies. He also stressed the need to diversify the country’s export portfolio and leverage existing trade networks, including the recently established free trade agreement with the Gulf Cooperation Council.
Minister Ahn stated that the positive trend in the export sector should extend to other areas of people’s livelihoods, which are currently affected by high borrowing costs and inflation. Additionally, he urged his staff to develop policies that can promote the digital transition in the manufacturing sector, including the adoption of artificial intelligence technologies.
In his commitment to maintain a stable supply chain of key resources, Minister Ahn expressed a willingness to collaborate with international platforms such as the Indo-Pacific Economic Framework. This cooperation would ensure a reliable supply of essential resources.
South Korea’s new industry minister is determined to protect the country’s trade interests while promoting a favorable business environment for exporters. With a focus on removing barriers and embracing technological advancements, Minister Ahn aims to drive innovation and maintain South Korea’s competitiveness on the global stage.
In conclusion, Minister Ahn Duk-geun’s vow to proactively address trade protectionism and support exporters is expected to further strengthen South Korea’s export recovery. By focusing on eliminating obstacles, diversifying their export portfolio, and embracing digital transformation, the country aims to maintain its economic growth and navigate the challenges posed by international trade policies.
