Deputy Prime Minister and Minister of Finance and Economy Lee Hyung-il stated on October 14, "The changes in the global trade environment are a critical issue directly linked to economic growth, and we will minimize trade uncertainties through close communication with major countries' governments."
On this day, Lee held a meeting with trade experts at the Government Seoul Building to discuss forecasts and responses to changes in the global trade environment. Attendees included Lee Si-wook, head of economic research at the Korea Chamber of Commerce and Industry, Min Jeong-hoon, a professor at the National Diplomatic Academy, and Jeong Cheol, president of the Korea Economic Research Institute.
Lee noted, "The recent global trade environment is marked by the spread of nationalism and the strengthening of trade barriers, leading to ongoing uncertainties. We must closely examine how changes in the political and policy environments of various countries will impact external economic conditions and proactively prepare for various scenarios."
Participants reviewed the implications of changing policy conditions in different countries and how these trends could affect trade policies, tariffs, and external economic relations. They also discussed the potential impact on exports and investments by Korean companies and strategies to address these challenges.
Lee emphasized, "The government will closely monitor policy trends in major countries and communicate effectively with their governments to minimize trade uncertainties faced by our companies."
He added, "While responding promptly to short-term trade issues, we will also prepare for structural changes in the global trade order. We will enhance cooperation among relevant ministries and strengthen communication with industry and experts, while diversifying export markets and expanding economic cooperation with major countries to bolster our economy's external response capabilities."
* This article has been translated by AI.
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