The 'Strategic Materials Management Institute,' the only export control dedicated agency in Korea, will be expanded and reorganized as the 'Trade Security Management Institute' this August.
The Ministry of Trade, Industry and Energy announced that Jeong In-gyo, the head of the Trade Negotiations Headquarters, visited the Strategic Materials Management Institute located in Gangnam-gu, Seoul on the 13th and requested a new role to strengthen trade security functions in the era of economic security.
The Strategic Materials Management Institute is a public institution under the Ministry of Trade, Industry and Energy, launched in June 2007 under the Foreign Trade Act to efficiently support the management of strategic materials export and import. It is responsible for determining whether items are strategic materials, providing education and publicity to trade companies, and operating the strategic materials management system.
According to the amendment of the Foreign Trade Act, the name will be changed to the Trade Security Management Institute starting August 21 this year. Additional functions such as trade security policy formulation, support for industrial impact analysis, and support for export control implementation will be added.
Head Jeong said, "Compared to when the Strategic Materials Management Institute was launched in 2007, the determination of strategic materials has increased 17-fold, and the number of members in the strategic materials management system has increased 10-fold, greatly contributing to establishing Korea's strategic materials management system. In the situation where a new international trade order centered on economic security is being formed, the newly reorganized Trade Security Management Institute should expand its role beyond the existing strategic materials export control to an organization responsible for the security of overall trade between countries, including capital, technology, and manpower."
The Strategic Materials Management Institute is forming a task force to strengthen functions such as security screening for technology and investment, analyzing the impact on industries related to independent and subsidiary controls, and expanding trade security consulting including U.S. extraterritorial controls and financial sanctions. These function enhancement plans will be implemented along with the launch of the Trade Security Management Institute.
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