[Insight & Opinion] Korea in Full Bloom: If Only Politics Would Change

Amid global attention, the Asia-Pacific Economic Cooperation (APEC) summit was successfully held. The long-standing issue of the Korea-U.S. tariff negotiations was resolved, and there were several diplomatic achievements as well. National pride in Korean culture and its international resonance were reaffirmed. The favorable moves of Jensen Huang, CEO of Nvidia, who attended the CEO summit, also fueled the bullish rally in our stock market. The stock market soared to record-high index levels, and semiconductor-led exports have continued their upward trend for several months.

It is the peak of autumn, filled with vibrant foliage. In recent days, the weather has turned quite chilly, as if foreshadowing winter. Behind the diplomatic achievements, however, remain unresolved challenges. The mid- to long-term outlook for the overheated stock market is another issue, and real economic challenges such as employment structure and the difficulties faced by ordinary people still persist. Above all, power politics that defy common sense lead many to sigh, "If only there were no politics."

The 'Gyeongju Declaration,' adopted in the names of the leaders of APEC's 21 member economies, expressed a commitment to the Free Trade Area of the Asia-Pacific (FTAAP). Yet, at the very gathering that declared support for regional free trade, we faced pressure from Donald Trump for protectionist measures that stand in stark contrast to free trade. The gold crown presented to Trump became an ironic symbol, reminiscent of the 'No Kings!' protests against Trump in the United States. Although the declaration was signed by all 21 member economies, including the United States, Trump only attended his own events during his two-day visit and was absent from the main APEC sessions and the declaration day. This reflects Trump's approach of disregarding multilateral international cooperation and pushing forward with unilateral power-outright hegemonism.

Although protectionism runs counter to the global trend of free trade, it can still be adopted as an international economic strategy by individual countries. However, Trump's demand for a $350 billion investment from us, beyond reciprocal tariffs, is tantamount to coercion. Even so, it was accepted as an unavoidable or pragmatic decision in the broader context of relations with the United States. America's demand for investment is also part of a strategy to firmly incorporate Korea, Japan, and the European Union into a U.S.-led supply chain system.

The key issue is how the annual commitment of $20 billion in investments will affect our domestic industries and overseas investment strategies. As our government has announced, it remains to be seen whether we can maintain safeguards and commercial rationality over the expected period of more than ten years-this is a task we must not overlook. The issue of building nuclear-powered submarines also drew attention as a major outcome of the Korea-U.S. summit, on par with the resolution of tariff and investment negotiations. While it is a goal we must achieve, there are numerous obstacles to overcome before Trump's approval can move beyond empty words to actual realization.

Reports that foreign leaders recorded G-Dragon's K-pop performance on their mobile phones and posted it on social media highlighted a sense of pride in K-culture. RM of BTS, who had already drawn global attention with his speech at the United Nations, also delivered an address at the APEC CEO summit. His remarks, using Korean bibimbap as an example to illustrate coexistence and cooperation in international diversity, were particularly memorable. Yet, the political reality in Korea-the very country of bibimbap-reminded us not of coexistence and cooperation, but of extreme division.

The ruling and opposition parties are locked in a black-and-white confrontation, accusing each other of being insurrectionist forces or unconstitutional dictators. As soon as APEC concluded, the ruling bloc moved to push forward with the so-called 'trial suspension law' to halt the president's trial. In response to mounting pressure from the People Power Party to resume the trial, and perhaps feeling urgency after a major conviction in the Daejang-dong case, the ruling party claimed this was a matter of justifiable defense. They even dressed it up as a national stability law. It was a bizarre attempt to control the constitution through legislation. Ultimately, the presidential office judged the legislation unnecessary and withdrew the attempt.

If only such hegemonic power politics would disappear, the autumn of Korea in the K-culture era-now buoyed by a booming stock market-would be even more beautiful!

Kim Manheum, Former Chief of the National Assembly Legislative Research Office