With only a week until the U.S. presidential election, South Korean trade experts predict that the America First approach will likely continue regardless of whether Donald Trump or Kamala Harris is elected. They recommend that the South Korean Ministry of Trade, Industry, and Energy, which closely collaborates with companies, should address these challenges.
On Tuesday, South Korea’s Ministry of Trade, Industry, and Energy convened the 1st Trade Policy Advisory Committee meeting at the Lotte Hotel in Seoul.
The meeting was convened to discuss trade authorities’ strategies in response to the upcoming U.S. election and gather insights from industry, academia, and research experts. This marks the first meeting since the Private Advisory Committee on Trade Negotiations was restructured as the Trade Policy Advisory Committee in July. The committee chair, Professor Heo Yooun of Sogang University, and Jeong In Gyo, Head of Trade Negotiation Headquarters, co-chaired the meeting.
During the meeting, the Ministry shared its government response plans, informed by outreach efforts to the U.S. These efforts included gauging sentiments among U.S. officials and the private sector and assessing each candidate’s pledges. Following this, a discussion ensued among the committee members present.
Heo recommended, “Regardless of who wins, the current America First stance is unlikely to change easily. The Ministry, which has strong connections with companies, should take the lead in tackling these challenges.”
Jeong emphasized that the U.S. is a critical ally of South Korea in terms of exports and investment. He stated, “Regardless of the election outcome, we will strive to strengthen cooperation in advanced industries and supply chain partnerships, building on the various cooperative channels established so far.”
“The trade authorities will diligently fulfill their roles and responsibilities to alleviate the uncertainties faced by our companies and assist them in navigating challenges in their business operations,” Jeong added.
The Ministry of Trade, Industry, and Energy plans to actively engage in public-private initiatives, such as the Global Trade Strategy Meeting, before and after the U.S. election. It aims to closely communicate with key U.S.-invested companies and economic organizations and respond thoroughly to U.S. trade uncertainties as a unified public-private team.
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