Koo Yooncheol: "External Uncertainties Persist... Overcoming Them Through Tangible Results From Summit MOUs"

Ministerial Meeting on External Economy Held at Government Complex Sejong on the 20th

Koo Yoon-cheol, Deputy Prime Minister and Minister of Finance and Economy, stated on the 20th that "in order to overcome external uncertainties, we will focus on generating tangible results from the cooperation networks and memoranda of understanding (MOUs) secured through summits and other channels."

On this day at the Government Complex Sejong, Deputy Prime Minister Koo held a Ministerial Meeting on External Economy and remarked, "Despite exports achieving record-high results and performing well, external uncertainties persist—such as major countries' trade risks and instability in the Middle East." He added that these efforts are underway to address such challenges.

Deputy Prime Minister Koo further explained, "We will categorize MOUs in the economic sector from summits by type and manage them in a customized and close-knit manner. At the same time, we will swiftly establish institutional support measures so that each ministry can actively implement them."

Deputy Prime Minister and Minister of Finance and Economy Koo Yoon-chul is presiding over the 271st Foreign Economic Ministers' Meeting held on the 20th at the Central Building of the Government Complex Sejong, delivering opening remarks. Ministry of Finance and Economy

The meeting discussed a range of topics: ▲ recent issues and response strategies regarding trade with the United States ▲ response plans for major World Trade Organization (WTO) issues ▲ promotion plans for the plurilateral Green Economy Agreement (GEPA) ▲ the status and plans concerning the Korea-Bangladesh Comprehensive Economic Partnership Agreement (CEPA) ▲ and strategies for promoting the Korean AI (K-AI) package centered on concessional Official Development Assistance (ODA).

Addressing recent trade relations with the United States, Deputy Prime Minister Koo stated, "We are responding in the national interest to U.S. trade actions such as global safeguard tariffs, item-specific tariffs, Section 301 investigations related to overproduction and forced labor, as well as the implementation of follow-up non-tariff measures." He added, "We are establishing a promotion framework to facilitate the full-scale execution of investments in the U.S., and are assessing the commercial viability of individual projects. We will manage Korea-U.S. trade relations in a stable manner by working closely with the United States with national interest as our top priority."

Regarding the weakening of the international trade order due to reduced WTO functionality, he noted, "We will address key issues such as WTO reform discussions, early implementation of the Investment Facilitation Agreement, and responses to the end of the digital zero-tariff practice." He went on to say, "As countries introduce new trade policies in response to climate change, these are emerging as new protectionist barriers. We will participate in the formation of new trade rules related to the green economy, reflect our positions, and actively support the strengthening of our green industry competitiveness."

The government will also strengthen its cooperative relationship with Bangladesh, a rapidly growing country. Deputy Prime Minister Koo explained, "Bangladesh is the eighth most populous country in the world and a key market in South Asia, having maintained annual growth rates in the 6% range since 2000. The Korea-Bangladesh CEPA will not only enhance market access for Korean companies but also serve as a strategic gateway for expanding into the South Asian market."

Korea will support developing countries through concessional Official Development Assistance (ODA) by providing the Korean AI (K-AI) package. Deputy Prime Minister Koo stated, "We aim to promote the K-AI package based on concessional ODA to increase the growth potential of developing countries and help create a global basic AI society." He added, "Through this, we will generate future demand for AI and support the overseas expansion of our companies and technologies."

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