Formulating Trade Strategy Focused on Economic Security and Exports... Launch of 'Trade Strategy Subcommittee'

Gathering Expert Opinions to Prepare for Global Uncertainty

The government has begun gathering expert opinions to redefine its trade strategy focusing on economic security and exports in preparation for global uncertainties.

On the 25th, the Ministry of Trade, Industry and Energy announced that it held a 'Trade Strategy Council' subcommittee meeting at the Trade Center in Gangnam, Seoul, chaired by Deputy Minister for Trade Yang Byeong-nae, with participation from industry, academia, and government.

This meeting was held to review the global trade environment and discuss the redefinition of South Korea's trade strategy direction. Associations from key industries such as semiconductors, batteries, and automobiles, as well as related organizations including the Korea International Trade Association, the Korea Institute for Industrial Economics and Trade, and the Korea Economic Research Institute participated.

The meeting featured presentations and discussions on ▲ the 2024 global trade environment and response measures ▲ and the direction of South Korea's trade strategy from the perspective of economic security.

At the meeting, Cho Seong-dae, Director of the Korea International Trade Association, who presented on the '2024 Global Trade Environment and Response Measures,' stated, "This year is an 'election year' with elections held in a total of 76 countries, and significant changes in the world order are expected depending on the election outcomes. We must also prepare for the constant geopolitical risks such as the Russia-Ukraine war, the Israel-Hamas conflict, and recent logistics disruptions caused by airstrikes from the Houthi rebels."

Following this, Professor Kim Heung-gyu, who presented on 'Our Trade Strategy from the Perspective of Economic Security,' said, "Major countries such as the United States, the European Union (EU), and China are pursuing strong industrial and supply chain policies linking trade and industry to dominate advanced industry technology hegemony and global supply chains. We too must establish our trade strategy centered on 'economic security.'"

Deputy Minister for Trade Yang emphasized, "To protect national interests and future growth engines directly linked to people's livelihoods, such as semiconductors and batteries in advanced industries, the Trade Negotiation Headquarters will strengthen its all-round role at the forefront of economic security, including supply chain stability, advanced technology protection, and multilayered economic cooperation."

Since launching the Trade Strategy Council in December last year, the Ministry of Trade, Industry and Energy has been continuously conducting industry-academia-government consultations on trade strategy, trade norms related to digital, climate, and advanced technologies, and strengthening trade networks to expand exports. Based on these discussions, the ministry plans to establish and announce a 'Trade Strategy.'