On October 14, Deputy Prime Minister and Minister of Finance and Economy Lee Hyung Il held a meeting with trade experts at the Government Complex Seoul to discuss the outlook for changes in the global trade environment and possible policy responses.

The meeting was convened to gather diverse views from experts, assess the potential impact on the Korean economy, and explore policy responses to prepare for uncertainties in the global trade environment stemming from political events and shifts in policy orientations in major economies.

Deputy Prime Minister Lee noted that uncertainty in the global trade environment persist amid rising economic nationalism and increasing trade barriers. He emphasized the need to closely assess how changes in the political and policy environments of major economies could affect external economic conditions and proactively prepare for a range of possible scenarios.

Participants reviewed various scenarios to assess how changes in the policy environments of major economies could affect trade policies, including tariffs and industrial policies, as well as external economic relations. They also discussed the potential implications for Korean companies’ exports and investments and possible policy responses.

Deputy Prime Minister Lee stated that changes in the global trade environment are critical issues that directly affect the competitiveness of Korean companies and economic growth. He added that the government will carefully monitor policy developments in major economies and maintain close communication with their governments to minimize trade uncertainties facing Korean companies.

He further emphasized that the government will respond promptly to immediate trade issues while also preparing for structural changes in the global trading order. Efforts will focus on strengthening coordination among relevant ministries and communication with industry stakeholders and experts, as well as enhancing the Korean economy’s capacity to address external challenges through export market diversification and expanded economic cooperation with major economies.

Please refer to the attached files.