Ministry of Industry Holds Meeting with Trade Experts amid Impeachment Crisis… Discussing Response to New U.S. Administration,
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6th Korea-China FTA Joint Committee, speech by Director Jeong In-kyo
(Seoul = Yonhap News) Jeong In-kyo, Director of the Trade Negotiation Headquarters of the Ministry of Trade, Industry and Energy, speaks at the ‘6th Korea-China FTA Joint Committee’ held at Lotte Hotel in Jung-gu, Seoul on the 9th. 2024.12.9 [Provided by the Ministry of Trade, Industry and Energy. Resale and DB prohibited] photo@yna.co.kr,
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, ” (Seoul = Yonhap News) Reporter Lee Seul-gi = With the foreign policy of the U.S. Trump second administration expected to change significantly, including the implementation of general tariffs, a suggestion has been made that the Korean government should prepare for the new U.S. administration’s ‘transactional approach.'”,
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, ‘ The Ministry of Trade, Industry and Energy announced this in a meeting, led by Director Jeong In-kyo, with major trade and international relations experts at the Trade Security Management Office on the afternoon of the 10th.’,
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, ‘ The government plans to establish an inter-agency cooperation system to ensure that uncertainty due to the recent impeachment crisis does not affect the response to the inauguration of the new U.S. administration, while also maintaining close communication with companies.’,
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, ‘ The meeting was attended by 12 academics and researchers, including Professor Huh Yoon from the Graduate School of International Studies at Sogang University.’,
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, ‘ Trade experts stressed that, compared to Trump’s first administration, significant changes in foreign policy are expected and that calm and meticulous government responses are necessary.’,
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, ‘ Professor Lee Seung-joo of the Department of Political Science and International Studies at Chung-Ang University, who gave the presentation, predicted that Trump’s policy line would gain significant momentum as it becomes mainstream in the U.S.’,
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, ‘ He added forecasts about the potential for implementing general tariffs and restructuring the multilateral trade order.’,
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, ‘ Professor Lee advised that to effectively respond to these changes, there should be thorough preparation for the “transactional approach” based on a reinforced Trump second administration network compared to the first.’,
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, ‘ The transactional approach views inter-country relations as transactions or exchanges based on interests.’,
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, ‘ Trump, a businessman, is well-known for favoring dealmaking.’,
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, ‘ Director Jeong In-kyo mentioned, “The government is closely watching the cabinet formation and policy direction of the new U.S. administration and is establishing response plans per issue,” adding that “Korea-U.S. relations are closely linked to advanced technology and supply chains, based on large-scale investments by Korean companies.”‘,
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, ‘ He added, “On this basis, we will continue mutual beneficial cooperative relationships and minimize negative impacts on Korean companies.”‘,
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, ‘ wise@yna.co.kr’,
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