'21st Niche Hour Forum' Keynote Speech
"Responding to US-EU Trade Risks"
The head of South Korea's trade department stated that the government’s policy is to strengthen alliances in advanced industries and supply chains with major countries.
Jung In-kyo, Director General of the Trade Negotiations Headquarters, is speaking at the '21st Niche Hour Forum' held on the 8th at the Automobile Hall in Seocho-gu, Seoul. [Photo by Korea Industrial Federation Forum]
On the 8th, Jung In-gyo, Director General for Trade Negotiations at the Ministry of Trade, Industry and Energy, said at the 21st Nichi Hour Forum, jointly hosted by the Korea Industrial Federation and the Global Industrial Competitiveness Forum, that they will respond to supply chain restructuring and technology bloc issues through cooperation with neighboring countries.
The forum was held at the Automobile Hall in Seocho-gu, Seoul, under the theme "Recent Changes in the Trade Environment and Trade Policy to Maximize National Interests." About 80 industry figures from sectors such as automobiles, batteries, petrochemicals, and engineering attended.
In his policy lecture, Director General Jung diagnosed, "There is a spread of multi-block formation and trade-interventionist industrial policies related to supply chain restructuring, such as the bloc formation of technology networks centered on advanced industries and the global supply chain bloc formation surrounding resources," adding, "The world’s multilateral trade system is facing a crisis."
Director General Jung explained that the government is actively participating in building a new trade order to realize a "global trade hub nation." The plan is to expand economic and trade networks and strengthen industrial-trade convergence policies to solidify industrial competitiveness and economic security. He emphasized that the government is actively responding to major countries implementing domestic-first trade measures.
He said, "While actively responding to trade risks with the United States and the European Union’s (EU) new trade regulations, we will enhance strategic cooperation with major countries by strengthening alliances in advanced industries and supply chains," adding, "We will expand the cooperation horizon with emerging countries to build a multi-layered and diversified trade network."
Jeong Manki, Chairman of the Korea Industrial Federation Forum, is speaking at the "21st Niche Hour Forum" held on the 8th at the Automobile Hall in Seocho-gu, Seoul. [Photo by Korea Industrial Federation Forum]
Jung Manki, Chairman of the Korea Industrial Federation, said in his greeting, "To proactively respond to the weakening of the World Trade Organization (WTO) system, the spread of protectionism and bloc formation, and rapid changes in the global supply chain system, we must leverage the cooperation experience between industry and trade authorities, such as the Korea-US Free Trade Agreement (FTA) negotiations."
Chairman Jung urged caution to avoid creating causes for trade conflicts, noting that South Korea’s market share in US imports has been increasing recently. In the first half of the year, South Korea’s share of the US import cosmetics market was 20.1%, ranking first in the world. South Korean cars held an 11.1% share of the US electric vehicle market, one of the highest levels. South Korea’s share of the US battery market rose 6.2 percentage points year-on-year to 42.4%.
Chairman Jung said, "The US ranked first last year in imposing anti-dumping regulations on Korean products," and added, "The industry should continue efforts to diversify export markets, and trade authorities should work with industry to spread awareness of South Korea’s economic contribution to the US and strive to secure US cooperation."
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