Choi Sang-mok: "Korea-US Economic Cooperation Will Be Maintained Regardless of Administration"

The 4th External Economic Advisory Meeting Held

Choi Sang-mok, Deputy Prime Minister for Economy and Minister of Strategy and Finance, held the 4th Foreign Economic Advisory Meeting on the 19th and stated, “Considering the strong Korea-US alliance, it is expected that the friendly economic cooperation between the two countries in trade and investment will be maintained regardless of the administration.”

Choi Sang-mok, Deputy Prime Minister for Economic Affairs and Minister of Economy and Finance, is attending and speaking at the Economic Ministers' Meeting held on the 10th at the Government Seoul Office in Jongno, Seoul. Photo by Jo Yong-jun jun21@

Deputy Prime Minister Choi made these remarks during the Foreign Economic Advisory Meeting held that day. The Foreign Economic Advisory Meeting is an ad hoc body introduced in April this year to gather opinions from experts in various fields and refer to policy formulation in response to global uncertainties.

Deputy Prime Minister Choi said, “However, given the high external dependence of our economy, it is meaningful to examine the developments of the US presidential election and its impact on our economy.”

He also mentioned that regarding China’s 3rd Plenary Session of the 20th Central Committee (July 15?18), since it is an important meeting discussing China’s economic policy direction for the next five years, it is meaningful to pre-assess the impact on the Korean economy before the policy implementation.

Experts expect that, similar to the 2020 presidential election, the outcome of this US presidential election will be determined by whether the battleground states are won. They also noted that regardless of who is elected, policies to strengthen China containment are expected, so the Korean government needs to prepare proactive response strategies.

Furthermore, since China’s recent 3rd Plenary Session focuses on the direction of economic recovery, it is emphasized that trends related to the “New Quality Productive Forces,” a development strategy centered on advanced manufacturing, external opening for foreign investment attraction, and fiscal and tax reforms for stabilizing people’s livelihoods should be continuously monitored.