Business Minister Ahn Duk-geun, proper, poses with Republican Sen. Marsha Blackburn, left, in Washington, D.C., Jan. 10. Courtesy of the Ministry of Commerce, Business and Vitality
Korea will arrange tailor-made methods for various situations within the wake of potential adjustments within the U.S. commerce coverage following the inauguration of President-elect Donald Trump subsequent week, the business ministry stated Tuesday.
„If america introduces detailed commerce protectionism measures, important impacts on Korea’s exports will likely be inevitable,“ the Ministry of Commerce, Business and Vitality stated in a coverage report.
„There are additionally issues protectionist measures may unfold amongst main markets in a sequence response,“ it added.
The ministry stated it’s presently formulating methods primarily based on „correct information“ to counter potential strikes by the Trump administration to implement protectionist measures focusing on nations with commerce surpluses with the U.S.
Korea may also keep a coordinated information-sharing system with main companions, together with Japan, the European Union, Canada and Mexico, it added.
Trump has pledged to impose a 25 % tariff on all merchandise from Mexico and Canada, in addition to an extra 10 % tariff on items from China.
The proposal has raised issues amongst Korean corporations investing in Mexico and Canada, which depend on the U.S.-Mexico-Canada free commerce settlement (FTA), often called USMCA, to entry the North American market.
Throughout a gathering with reporters Monday, Business Minister Ahn Duk-geun famous Korea’s focus will likely be on guaranteeing incentives offered to Korean companies below the Inflation Discount Act are maintained, reasonably than preserving the act itself.
The ministry stated it’s going to work to broaden export locations for Korean companies in 2025.
As of the top of 2024, Korea had 22 FTAs in impact, offering entry to markets that collectively account for 85 % of the worldwide gross home product.
The nation plans to formally implement 4 further FTAs signed with the Gulf Cooperation Council (GCC), the United Arab Emirates, Guatemala and Ecuador this 12 months, that are anticipated to additional enhance the market entry ratio to over 87 %.
The ministry added Seoul may also speed up commerce negotiations with Malaysia, Thailand, Mongolia, Bangladesh and Serbia this 12 months. (Yonhap)
