Kim Jungkwan Pledges to Minimize Corporate Burden from Trade Union and Commercial Act Amendments
Meets with Chey Taewon and Sohn Kyungshik to Discuss Tariff Negotiations and Economic Issues
Ministry to Establish 'Corporate Environment Team' for Business Support
On August 4, Minister of Trade, Industry and Energy Kim Jungkwan pledged to establish and operate a dedicated team to minimize the corporate burden resulting from the amendments to the Trade Union Act and the Commercial Act during his first introductory meeting with economic organizations.
The Ministry of Trade, Industry and Energy announced that on this day, Minister Kim visited both the Korea Chamber of Commerce and Industry and the Korea Employers Federation, where he met with Chey Taewon, Chairman of the Korea Chamber of Commerce and Industry, and Sohn Kyungshik, Chairman of the Korea Employers Federation.
This meeting was the first occasion for communication between the Ministry and the business community since the conclusion of the Korea-US tariff negotiations on July 30. At this event, they closely discussed follow-up measures to the US tariff response, as well as key economic issues such as the Trade Union Act and the Commercial Act. They also agreed to actively communicate so that the voices of businesses can be fully reflected in future discussions.
During his visits to the Korea Chamber of Commerce and Industry and the Korea Employers Federation, Minister Kim expressed deep gratitude to the business community for their full support in enabling the successful conclusion of the Korea-US tariff negotiations, despite the urgent and challenging negotiation circumstances, under the overarching principle of maximizing national interest. He also emphasized that, as much of the uncertainty in the external trade environment has now been resolved, the government will provide comprehensive support to ensure that Korean companies can secure a leading position in the global market, including the United States, while minimizing the impact of the tariffs.
In addition, regarding the amendments to the Trade Union Act and the Commercial Act scheduled to be introduced at the National Assembly plenary session on this day, Minister Kim stated, "In the short term, these may pose a burden to companies, but in the long run, they could serve as an opportunity to establish a reasonable and mutually beneficial labor-management culture and to restore trust in the capital market. Nevertheless, these changes should not become a burden on corporate management in terms of enhancing competitiveness and creating jobs."
Minister Kim further stated, "Even if the two bills pass the National Assembly plenary session today, there will still be a six-month grace period for the Trade Union Act and a one-year grace period for the Commercial Act before implementation. During the subsequent legislative amendments and discussions, including the task force for easing economic criminal penalties, we will work closely with the industry to develop reasonable alternatives and minimize the burden on companies." He added, "To this end, the Ministry of Trade, Industry and Energy will establish and operate a 'Corporate Environment Team' dedicated to addressing economic issues."
Regarding the ongoing workplace safety incidents, Minister Kim emphasized that "preventing safety accidents in advance is much more beneficial for business activities in the long term." He added, "Since there are limits to relying solely on punishment and compensation for damages, we will improve relevant systems and regulations so that companies can voluntarily increase investment in safety."
Finally, Minister Kim called for seamless cooperation between the public and private sectors to ensure the successful hosting of the Asia-Pacific Economic Cooperation (APEC) event scheduled for October this year.
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