Jeong In-gyo, Head of Trade Headquarters, "Global risks to increase further amid US presidential election in the second half"

2nd Global Trade Strategy Meeting

Jung In-kyo, Head of the Trade Negotiation Department at the Ministry of Trade, Industry and Energy, stated on the 25th, "Global risks are expected to increase further following the US presidential election in the second half of the year."

On the same day, Jung presided over the 2nd Global Trade Strategy Meeting held at Lotte Hotel Seoul, attended by major US investment companies, economic organizations, and trade experts.

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

He said, "Despite the increased uncertainty and volatility in the global trade environment, we achieved the second-highest export performance in the first half of the year," adding, "The government and industry will work as one team to mitigate uncertainties related to US trade risks and make every effort to alleviate concerns of US-invested companies and other industry players."

The Ministry of Trade, Industry and Energy reviewed the overall global trade environment in the 'super election year' and examined the impact and response strategies by major industries through the 1st meeting held in the first half of this year. In this meeting, the focus was on responding to US trade risks such as the US presidential election and stabilizing supply chains, discussing response strategies with industry and academia.

Regarding US trade risks, the government shared the status of outreach efforts conducted with the US government, Congress, and think tanks, as well as the awareness and response status of major US-invested companies. Furthermore, as confirmed in the Czech nuclear power plant contract, the public and private sectors will work as one team to closely examine rapidly changing risk factors such as the US presidential election and continue cooperation to analyze industry-specific impacts and develop response strategies.

Industry participants at the meeting requested government-level information sharing and support for responses to ease difficulties such as establishing mid- to long-term investment plans amid increasing uncertainties like global supply chain restructuring, the sharp rise in business operation challenges, and minimizing policy changes related to carbon neutrality after the US presidential election.

Regarding supply chain stabilization issues, cooperation measures among countries with similar positions through the Indo-Pacific Economic Framework (IPEF) supply chain agreement, which came into effect in April, were shared. In particular, supply chain stabilization strategies using the IPEF Critical Resilience Network (CRN) were discussed.