South Korea: Trade Minister Highlights Collaboration with Like-Minded Countries
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Seoul, Dec 18 (NationPress) South Korean Trade Minister Cheong In-kyo on Wednesday highlighted the significance of a strong multilateral trading system to bolster the country's robust exports and ensure stable supply chains amid increasing global uncertainties, including the inauguration of a new US administration.
Cheong made this statement during a virtual meeting with government officials, where participants explored strategies to tackle trade uncertainties through approaches beyond bilateral agreements, as reported by Yonhap news agency, citing the Ministry of Trade, Industry and Energy.
"To effectively tackle major trade-related issues, our nation must closely collaborate with like-minded countries within multilateral frameworks," Cheong stated in a press release.
During the meeting, attendees deliberated potential transformations in the multilateral trade framework spearheaded by the World Trade Organization (WTO) following the inauguration of a new US administration next month.
"We must elevate discussions on emerging global challenges, such as Artificial Intelligence, digital transformation, and climate change, at the WTO, in conjunction with other significant ongoing agendas," the trade minister further noted.
Cheong mentioned that the government plans to hold pertinent discussions at next year's Asia-Pacific Economic Cooperation meeting of trade ministers, which will be hosted by South Korea.
Earlier in the day, the government announced a series of initiatives to encourage corporate investment in key industries, aiming to mitigate concerns that recent political unrest could lead to long-term detrimental effects on the economy.
This plan was revealed during a meeting chaired by Finance Minister Choi Sang-mok and attended by other ministers related to the economy, amidst escalating worries following the recent declaration of martial law and the impeachment of President Yoon Suk Yeol.
