Yoo Myung-hee "Abolish Trade Restriction Measures in Response to COVID-19"

Attended WTO Informal Ministerial Meeting to Express Views
"Progress in E-commerce and Fisheries Subsidies Negotiations"

Yoo Myung-hee, Director-General for Trade at the Ministry of Trade, Industry and Energy. (Photo by Yonhap News)

[Asia Economy Reporter Moon Chaeseok] The Ministry of Trade, Industry and Energy announced that Yoo Myung-hee, the Chief Trade Negotiator, attended the World Trade Organization (WTO) informal ministerial meeting at 7:30 p.m. on the 27th to discuss overcoming the novel coronavirus disease (COVID-19) and WTO fisheries subsidies negotiations.

Australia chaired the meeting, with trade ministers from about 20 countries participating. Ahead of the two-day OECD Ministerial Council Meeting starting on the 28th, they gathered to address key WTO issues such as overcoming COVID-19 and fisheries subsidies negotiations.

Chief Negotiator Yoo emphasized the need for countries to promptly lift trade restrictions imposed in response to the spread of COVID-19.

At the meeting, Yoo stressed the important role of international trade in overcoming COVID-19.

He stated, "Each country's COVID-19 response measures should be targeted, proportionate, transparent, and temporary."

He added, "These measures should be promptly notified to the WTO, and trade-restrictive measures should be lifted as quickly as possible," urging countries to make efforts to ensure the smooth flow of goods and services.

He also argued that the digital economy will lead to overcoming COVID-19 and sustainable growth.

Chief Negotiator Yoo said, "We must advance WTO e-commerce negotiations to create an environment that can quickly maximize the benefits of the digital economy," and "I will contribute constructively to the conclusion of the ongoing fisheries subsidies negotiations."

Meanwhile, participants agreed that restoring trust in the WTO multilateral system requires the WTO to successfully resolve urgent issues such as overcoming COVID-19 and concluding fisheries subsidies negotiations, and pledged close cooperation to this end.