Koo Yoon-chul: "Full-Scale Pan-Government Post-Middle East Policy... Infrastructure Task Force Launched"

Government Holds External Economic Ministers Meeting
"Pilot Operation of Supply Chain Early Warning System... Restructuring Economic Security Items"

Koo Yoon-chul, Deputy Prime Minister and Minister of Strategy and Finance, delivers opening remarks at the 'Emergency Economic Headquarters Meeting and Economic Ministers Meeting & Foreign Economic Ministers Meeting' held on the 19th at the Government Seoul Office in Jongno-gu, Seoul. Ministry of Strategy and Finance.

The government is set to launch a comprehensive post-Middle East foreign economic policy at the pan-government level, following the agreement between the United States and Iran to sign an end-of-war memorandum of understanding (MOU).

Koo Yoon-chul, Deputy Prime Minister and Minister of Strategy and Finance, stated in his opening remarks at the Foreign Economic Ministers Meeting held at the Government Seoul Office on the 19th, "The end-of-war agreement presents us with new challenges, as well as opportunities and tasks." He added that the government will seek to seize cooperation opportunities arising from the reconstruction and economic restructuring of Middle Eastern countries, and will implement policies to respond to the supply chain risks that have been reconfirmed by this situation.

To this end, a Middle East infrastructure cooperation task force will be launched to develop key project plans, and high-level officials will be dispatched to the region to strengthen intergovernmental cooperation.

Deputy Prime Minister Koo explained, "In the second half of the year, we will pilot a government-wide supply chain early warning system (EWS), promote the restructuring of economic security items, and seek growth opportunities through country-specific, customized economic cooperation strategies."

From this perspective, the government will steadily push forward key negotiations including the Comprehensive Economic Partnership Agreement (CEPA) with Mongolia and the follow-up Korea-China FTA negotiations on services and investment, to help stabilize supply chains and diversify markets. The government will also actively pursue free trade agreements (FTAs) with countries such as Morocco.

At the meeting, participants discussed response measures regarding the announcement of the results of the investigation conducted by the United States under Section 301 of its Trade Act.

Regarding the results of the United States' Section 301 investigation on forced labor, Deputy Prime Minister Koo stated, "We will respond thoroughly to ensure that, while maintaining the previously agreed bilateral balance of interests, no results are produced that are disadvantageous compared to major countries."

At the Emergency Economic Headquarters Meeting and Economic Ministers Meeting held earlier that day, Deputy Prime Minister Koo said, "Since the impact of the Middle East war is still ongoing—such as employment slowdown, rising prices, exchange rate, and interest rate fluctuations—the government will make every effort to ease the burden on people's livelihoods."

He also announced, "Based on a detailed analysis of sluggish industries such as manufacturing, construction, and agriculture/forestry, as well as vulnerable sectors such as youth, we will sequentially prepare and announce sector-specific response measures, including a tentatively named 'Youth Employment Recovery Plan.'"

This content was produced with the assistance of AI translation services.