Choi Sang-mok: “New ‘Rules of the Game’ in Trade Environment… Need to Find Survival and Growth Strategies”
The Export-Import Bank of Korea will support U.S. export companies with new policy funds totaling 9 trillion won. This includes customized support and information provision on customs administration for companies exporting to the U.S.
On the 11th, Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok announced these measures during the external economic affairs ministers’ meeting held at the Government Complex Seoul in Jongno-gu, Seoul.
Deputy Prime Minister Choi emphasized the need for bold support measures to minimize the negative macroeconomic impacts caused by mutual tariffs imposed by the U.S.
To address this, the government will establish an interagency task force to inspect and devise countermeasures for areas affected by customs issues. It will also seek fundamental solutions to trade, industry, and supply chain changes.
Furthermore, additional export financing support amounting to 9 trillion won annually will be provided through the Export-Import Bank. Specific measures include the establishment of a special crisis response program to support funds for SMEs, mid-sized enterprises, and large exporting companies at a 2% interest rate, providing 3 trillion won in policy funds to SMEs and mid-sized enterprises supplying large corporations, launching the ‘Export Diversification Program’ to aid market development, and creating a 1 trillion won supply chain stabilization fund in the first half of the year.
In addition, customs authorities will provide tailored support to U.S. exporting companies to address their administrative difficulties. Plans include enhancing practical cooperation with U.S. customs authorities, providing information to companies, setting up a U.S. customs classification consultation center, and introducing a ‘fast track’ pre-review for classification of U.S. export items.
The government also assessed that first-quarter overseas order performance reached 8.2 billion dollars, the best in over five years, and committed to strengthening policy efforts to sustain this momentum.
To achieve an annual order target of 50 billion dollars, major projects will be continuously monitored and managed. Additionally, economic cooperation and customized regional strategies will be developed to help companies expand their export territories into the ‘Global South’ (non-Western and developing countries).
Deputy Prime Minister Choi noted that while the current account has recorded a surplus for 22 consecutive months, the sustainability of this growth driver is not guaranteed. He acknowledged the emergence of complex and tense new ‘rules of the game’ in the international trade environment and stressed the need to find strategies for survival and growth.
He concluded, “The government will closely collaborate with companies and other economic entities to wisely overcome external risks and create new opportunities for advancement.”