Koo Yun-cheol, Deputy Prime Minister and Minister of Economy and Finance, stated on July 20 that the government will prioritize national interests in managing stable trade relations with the United States and will promote a Korean-style AI package based on concessional official development assistance (ODA).
Koo made these remarks while presiding over the 271st External Economic Ministers' Meeting at the Government Sejong Center. The meeting addressed recent trade issues with the U.S. and the direction of responses, as well as the K-AI (Artificial Intelligence) package centered on concessional ODA.
The government is currently responding to the U.S. global temporary tariffs from a national interest perspective. Koo noted, "We are establishing a framework to implement U.S. investments and are reviewing the commercial viability of projects. We will closely consult with the U.S. to manage trade relations stably, prioritizing national interests."
Discussions also took place regarding the strategy for promoting the K-AI package for strategic economic cooperation. The plan aims to enhance the growth potential of developing countries and contribute to the realization of a global AI-based society through a concessional ODA-based K-AI package.
Additionally, the government plans to continuously expand the menu of Korean-style K-AI package projects, developing signature projects and disseminating them to developing countries through a global AI hub to be established in Korea.
Koo explained, "We have prepared a project menu based on Korea's strengths in seven key areas, including water resources, health, and culture. We plan to utilize various development cooperation tools, such as the Economic Development Cooperation Fund (EDCF), Knowledge Sharing Program (KSP), multilateral development bank (MDB) trust funds, and cooperative loans, in an organic manner to provide support."
The meeting also discussed plans to address key issues at the World Trade Organization (WTO) and the promotion of a multilateral green economy agreement. The government views the weakening of the WTO's functions as a threat to the international trade order. It also believes that trade policies introduced by various countries to combat climate change are acting as new protectionist barriers.
Koo stated, "We will respond to key tasks such as WTO reform discussions, early announcements of investment facilitation agreements, and the end of digital tariff-free practices. We will actively participate in discussions on forming new trade norms related to the green economy to reflect our position and support the enhancement of our economy's green industry competitiveness."
Regarding the progress of the Comprehensive Development Assistance Program (CDAP) between South Korea and Bangladesh, Koo emphasized the need to expand cooperation foundations into new markets. Bangladesh, with the eighth-largest population in the world, is considered a key market in South Asia, having experienced annual growth rates of around 6% since 2000.
Koo remarked, "The Korea-Bangladesh Comprehensive Economic Partnership Agreement (CEPA) will not only enhance our companies' market accessibility but also serve as a strategic foothold for entering the South Asian market. We expect to expand cooperation beyond the existing focus on textiles and clothing to various sectors, including infrastructure, manufacturing, and digital technology."
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.