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🇰🇷 South Korea /Economy & Trade

South Korea to stably manage U.S. trade relations amid external uncertainties

From Hankyoreh · () Korean

Translated from Korean, summarized and contextualized by DistantNews.

At a glance

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  • South Korea's Deputy Prime Minister and Minister of Economy and Finance, Koo Yoon-cheol, stated the government will stably manage trade relations with the U.S. by prioritizing national interests.
  • The government is responding to U.S. tariff measures and trade law investigations from a national interest perspective and is establishing a framework for investment.
  • Despite record exports, external uncertainties like trade risks and Middle East instability persist, prompting the government to focus on tangible outcomes from cooperation networks and MOUs.

South Korea aims to maintain stable trade relations with the United States, prioritizing national interests amid persistent external uncertainties. Deputy Prime Minister Koo Yoon-cheol announced the government's commitment to closely consulting with the U.S. on trade issues.

The government is actively addressing U.S. tariff measures, including global and item-specific tariffs, and investigations under Section 301 of the trade law concerning overproduction and forced labor. "We are responding from a national interest perspective," Koo stated during a meeting of the External Economy Ministers.

The government will stably manage trade relations with the U.S. by prioritizing national interests.

— Koo Yoon-cheolDeputy Prime Minister and Minister of Economy and Finance, Koo Yoon-cheol, stated the government's commitment to managing trade relations with the U.S.

While exports have reached record highs, the nation faces ongoing external risks such as trade disputes and instability in the Middle East. To counter this, the government plans to leverage cooperation networks and memorandums of understanding (MOUs) secured through summit talks to achieve tangible results. This includes tailored management of MOUs and providing institutional support for their implementation.

We are responding from a national interest perspective.

— Koo Yoon-cheolKoo Yoon-cheol explaining the government's approach to U.S. tariff measures and trade law investigations.

Discussions at the meeting also covered responses to key World Trade Organization (WTO) issues, the promotion of a plurilateral Green Economic Partnership Agreement (GEPA), and the status of the Korea-Bangladesh Comprehensive Economic Partnership Agreement (CEPA). The government intends to address challenges posed by the weakening of the WTO and promote early ratification of trade facilitation agreements.

Additionally, a strategy for a "K-AI Package" utilizing Official Development Assistance (ODA) was formulated. This initiative involves supplying customized AI solutions and data centers alongside infrastructure projects in sectors like water resources, health, energy, and education, with potential support for renewable energy and battery storage systems.

The government will focus on achieving tangible outcomes from cooperation networks and MOUs.

— Koo Yoon-cheolKoo Yoon-cheol emphasizing the need to translate summit agreements into concrete results.
DistantNews Editorial

Originally published by Hankyoreh in Korean. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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