Jung In-kyo, New Chief of Trade Negotiations Headquarters, "Rapid Changes in Global Trade Order... Will Establish Sophisticated Economic Security Strategy"

Jung In-kyo, the newly appointed Chief Negotiator of the Ministry of Trade, Industry and Energy, stated on the 11th, "The Trade Negotiation Headquarters will establish a precise economic security strategy through closer communication with the industry and protect national interests."

In his inaugural speech on the same day, Chief Jung said, "This year will be a year of rapid changes in the global trade order more than ever."

Jung In-gyo, Director General for Trade Negotiations, Ministry of Trade, Industry and Energy. (File photo)

Chief Jung emphasized that the Trade Negotiation Headquarters will take the lead on the front lines of economic security. He said, "Major countries are already pursuing trade policies linking economy and security through restructuring supply chains related to advanced industries, technology protection, and export controls," adding, "Since advanced industries such as semiconductors and batteries are our future growth engines and directly related to national security and people's livelihoods, we will establish a system to strategically respond to the economic security policies of major countries such as the U.S. and China."

Chief Jung also plans to actively create new markets where Korean companies can enter. He emphasized, "We will expand our economic territory by continuing efforts in improving free trade agreements (FTAs) with countries such as the UK and India, as well as negotiating FTAs with Malaysia and Mercosur," and added, "We will actively participate in the Indo-Pacific Economic Framework (IPEF) negotiations to strengthen cooperation with the world's largest economic cooperation body accounting for 41% of global GDP and establish a system to respond to supply chain crises."

He also pledged to make thorough follow-up measures to materialize the achievements of the presidential overseas visits into tangible benefits. Chief Jung said, "Through summit diplomacy with Middle Eastern countries such as Saudi Arabia, UAE, Qatar, as well as Vietnam, the Netherlands, and the UK, which have continued since the beginning of the president's term, we secured large-scale investments and signed numerous private sector memorandums of understanding (MOUs)," adding, "Our trade authorities will take the lead in concretizing these summit visit achievements into practical benefits."