Lee Hyungil: Global Trade Uncertainty Persists... Need to Proactively Address Impact on Korean Economy

Deputy Prime Minister and Minister of Finance and Economy Lee Hyung-il said on Oct. 14, “Uncertainty in the global trade environment has persisted recently amid the spread of protectionism and the strengthening of trade barriers.” He added, “We need to closely monitor how changes in the political and policy environments of various countries may affect external economic conditions and proactively prepare for a range of scenarios.”

Lee held a meeting with trade experts that day at the Government Complex Seoul. “Changes in the global trade environment are an important issue directly linked to the competitiveness of Korean companies and economic growth,” he said. “The government will closely monitor policy developments in major countries and work to minimize trade-related uncertainty facing Korean companies through close communication with the governments of our trading partners.”

He also outlined strategies to prepare for structural changes while responding promptly to short-term issues. Lee said the government plans to strengthen communication with businesses and experts through interagency cooperation, while pursuing export market diversification and expanded economic cooperation with major countries on multiple fronts.

The meeting was held to assess uncertainty in the trade environment stemming from major countries’ political schedules and changes in policy direction, and to explore responses. Lee Siwook, head of economic research at the Korea Chamber of Commerce and Industry; Professor Min Jeonghun of the Korea National Diplomatic Academy; and Korea Economic Research Institute President Jung Chul attended. They assessed the potential effects of policy changes in major countries under various scenarios and discussed future response plans.

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