On Thursday, Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol announced that it will respond meticulously to maintain the balance of interests already agreed upon between the U.S. and South Korea, ensuring outcomes that are not disadvantageous compared to major competitors.
During the Foreign Economic Ministers’ Meeting at the Government Seoul Building, Koo stated that while the U.S. government has initiated a Section 301 trade investigation, it anticipates that the overall framework of the agreement between the two nations will remain intact post-investigation.
The government shared trade-related issues, including the Section 301 investigation, with relevant ministries during the meeting.
To prevent unfavorable outcomes for domestic companies and industries during the investigation, the government plans to establish a public-private joint response system.
Koo elaborated that it will systematically address various investigation areas such as overproduction and forced labor at the government level.
Regarding the upcoming 14th Ministerial Conference of the World Trade Organization (WTO) in Cameroon from March 26 to 29, Koo mentioned that discussions will focus on WTO reform in response to evolving trade environments. He assured that the government would actively work to ensure national interests are fully represented on key issues.
The government has decided to include the Ministry of Culture, Sports, and Tourism in the Foreign Economic Ministers’ Meeting and to develop foreign economic policies that align with the global expansion of Korean culture.
Koo emphasized that by implementing a flexible Foreign Economic Ministers’ Meeting format, adjusting participation based on agenda topics, it aims to efficiently address complex and diverse issues.