[Full Text] President Moon's Commemorative Speech on the 58th Trade Day

Dear fellow citizens and members of the trade community,

The year 2021 will be recorded as the Year of Trade in our economic history.

This year, we achieved

trading $1 trillion in the shortest period ever.

South Korea's export volume this year is expected to reach $630 billion,

and the total trade volume is projected to exceed $1.2 trillion.

All are record highs.

[Image source=Yonhap News]

We have taken one step higher

to become the world's 8th largest trading power.

This is a proud achievement made possible by the combined efforts of traders and all citizens.

The people did their best in quarantine,

and companies devoted themselves to production and exports.

Large corporations helped small and medium-sized enterprises (SMEs) with export transportation,

and the government, together with companies, deployed about 90 temporary vessels

to open export routes.

Our economy is also vigorously recovering through the power of trade.

Among G20 advanced countries, we have shown the fastest recovery

and firmly maintained our status as one of the world's top 10 economies.

Domestic demand and employment are also recovering.

We have turned crisis into opportunity with pride.

On the occasion of the 58th Trade Day,

I deeply thank the traders who have set a new milestone in the history of South Korean trade,

and extend my congratulations to the award recipients who achieved proud results.

Dear proud traders,

This year, our trade has not only grown in size

but also strengthened its substance.

Both core industries and new industries have enhanced their competitiveness.

Shipbuilding achieved the highest order volume ever,

and petrochemical exports surpassed $50 billion for the first time.

Memory semiconductors maintained their overwhelming global No. 1 position,

and the three major new industries?system semiconductors, eco-friendly vehicles, and biohealth?

as well as secondary batteries and OLED exports, continued steep growth with double-digit increases.

The Korean Wave captivated the hearts of people worldwide.

Exports of cultural content exceeded $10 billion for three consecutive years,

becoming a new export engine,

and thanks to the Korean Wave's momentum, the era of Korea Premium has begun.

Agricultural, fishery, and food exports also surpassed $10 billion for the first time ever,

and K-Beauty has grown to rank among the world's top three.

Above all, it is gratifying that export markets have expanded broadly,

and export companies have diversified.

Exports have increased for eight consecutive months not only in the four major markets of the U.S., China, EU, and Japan,

but also in five emerging markets: ASEAN, India, the Commonwealth of Independent States, the Middle East, and Latin America.

Meanwhile, our SMEs are becoming the main players in exports.

Nearly 10,000 venture companies and 25,000 small business owners

are actively participating in exports.

SME exports already surpassed the annual record set in 2018,

the highest ever, as of last November.

Export engines are diversifying,

and we have achieved qualitative growth beyond quantitative growth.

This is the result of the passion and sweat of traders.

A comprehensive trading powerhouse, South Korea, is right before our eyes.

Dear citizens and members of the trade community,

South Korea has grown and developed through free trade.

We have actively participated in the multilateral trading system

and signed FTAs with 57 countries accounting for 80% of the world's GDP.

We have continuously worked to lower trade barriers

and expanded into a wider world.

We must continuously overcome the barriers before free trade.

Restrictions on movement and supply chain instability caused by COVID-19 are intensifying,

and the EU is introducing a Carbon Border Adjustment Mechanism.

The government will actively respond

to protectionism and new trade barriers.

We will work together so that traders can compete freely with the world.

First, we will thoroughly prepare for global supply chain instability.

Since last month, we have operated an early warning system

to proactively monitor production and export conditions of about 4,000 items with high external dependence.

We will designate key economic security items

and prepare supply stabilization measures by item, including stockpiling expansion, diversification of import sources, and domestic production.

We will actively respond to logistics congestion as well.

Through an integrated logistics information platform,

we will provide real-time logistics information to companies,

and expand overseas joint logistics centers and logistics cost support.

Second, to prevent being shaken by external shocks,

we will further expand the base of trade.

We will comprehensively support finance, marketing, and consulting

to enable more SMEs to enter overseas markets.

We will also strengthen the digital trade infrastructure that is becoming an opportunity for SMEs.

We will assist the entire digital export process, including providing overseas buyer purchase information, online payment, and overseas shipping support.

We will also further expand export markets.

With the RCEP coming into effect early next year,

markets in the Asia-Pacific region will expand.

We will pursue FTAs with Mercosur, the Pacific Alliance, the Gulf Cooperation Council, and the United Arab Emirates,

expanding markets in Latin America and the Middle East.

Third, in response to strengthened global environmental regulations,

we will support companies' efforts to reduce carbon emissions.

The world is moving toward carbon neutrality.

Only companies and products that reduce carbon emissions

will have competitiveness in the new trade order.

The government will expand R&D and tax support for low-carbon technology development,

and especially actively support the low-carbon transition of SMEs.

We support companies voluntarily participating in RE100

and accelerating ESG management.

The government will stand with companies in their carbon neutrality efforts.

Dear fellow citizens and members of the trade community,

In July, the United Nations Conference on Trade and Development (UNCTAD) unanimously upgraded

South Korea's status to that of an advanced country.

This is the first case since the establishment of UNCTAD.

Despite consecutive crises from Japan's export restrictions to COVID-19,

we have remained unshaken and become an advanced country through the power of trade.

However, there are those who solely deny and belittle these precious achievements.

This undermines the pride and hope of our people.

It is true that many challenges remain in our economy, such as inequality and polarization.

But please give generous support for the achievements we have made.

Today, please give a warm round of applause to the traders.

We will overcome any challenge.

The resilience of our people is truly something to be proud of.

We will turn any crisis into opportunity.

Let us vigorously advance as an unshakable trading powerhouse and economic giant.

Thank you.

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December 6, 2021

President of the Republic of Korea Moon Jae-in