Global Trade Strategy Meeting at Yeouido FKI Tower
Industry: "Stable Cooperation with Trump Administration Continues"
Andeokgeun: "Reducing Uncertainty with the U.S. and Strengthening Cooperation"
Anduk Geun, Minister of Trade, Industry and Energy, said on the 7th, "We will strive to ensure that Korea's opinions are sufficiently reflected in the anticipated policy changes following the establishment of the new Trump administration's policies."
Anduk Geun, Minister of Trade, Industry and Energy, is giving a greeting at the 4th Global Trade Strategy Meeting held on the 7th at the Korea Economic Association Conference Center in Yeouido, Seoul. Photo by Yonhap News
On the same day, Minister Ahn presided over the 4th 'Global Trade Strategy Meeting' held at the FKI Tower in Yeouido, Seoul, attended by economic organizations, related institutions, and industry associations.
The Ministry of Trade, Industry and Energy, the trade authority, held an emergency meeting chaired by the head of the trade negotiation office the day before, after it became certain that former President Donald Trump, the Republican candidate, would return to the White House in the U.S. presidential election. On this day, they held a trade strategy meeting combined with lunch with industry and economic organizations.
The government plans to calmly review the pledges and impacts of the second Trump administration and strengthen communication with the new Trump administration. By collecting opinions from domestic industries and sectors, the public and private sectors will work as one team to respond quickly and effectively to changes in the global trade environment.
At the meeting, the industry stated, "Korean companies have had a positive impact on the U.S. economy through large-scale investments and the creation of quality jobs in the U.S.," and requested, "Based on this, we ask the government to play a role in ensuring a stable cooperative relationship with the new Trump administration continues."
In his opening remarks, Minister Ahn said, "The new Trump administration is expected to pursue trade policies based on America First, industrial policies centered on the revival of manufacturing, and energy policies that return to pro-fossil fuel approaches." He added that while these new policies may pose challenges to Korean companies, there are also opportunities given the large-scale investments in the U.S. and diversification of supply chains that have been underway.
Minister Ahn stated, "A supply chain centered on Korean companies has been formed within the U.S. I will clearly explain to the next administration the importance of Korea in the U.S. economy," and added, "We will actively explore new opportunities for industrial cooperation between the two countries beyond merely responding to the newly emerging crisis."
Minister Ahn said, "Based on experience responding to various trade issues and response plans reviewed by scenario, we will mitigate uncertainties related to the U.S. and strengthen a mutually beneficial cooperative relationship between Korea and the U.S."
He emphasized, "We will ensure that Korea's opinions are sufficiently reflected in the policy formation of the new Trump administration through close communication with the industry, and that consultations with key figures in the U.S. new government and industry are conducted timely and effectively."
Going forward, the Ministry of Trade, Industry and Energy plans to hold additional meetings to check the impact on major industries and establish detailed response plans for each issue. Additionally, to analyze the impact related to pledge fulfillment, respond promptly to issues, and discover industry opportunities, the existing Ministry of Trade, Industry and Energy task force (TF) will be expanded and reorganized to build and operate a systematic response system.
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