Hong Nam-ki: "Restrictions on Entrants from Korea Limit Trade, Investment, and Economic Activities" (Comprehensive)

COVID-19, Global Economic Slowdown... "Strengthening Global Policy Coordination"
Temporary Postponement of Korea-Russia Deputy Prime Ministers' Meeting and Korea-China Economic Ministers' Meeting Unavoidable

[Image source=Yonhap News]

[Asia Economy Reporter Jang Sehee] Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, stated, "The increase in entry restrictions on arrivals from Korea may act as a constraint not only on human exchanges but also on economic activities such as trade and investment."

At the Foreign Economic Ministers' Meeting held at the Government Seoul Office Building on the same day, Deputy Prime Minister Hong said, "We will mobilize all diplomatic efforts to promptly restore the entry restrictions on Korean nationals to their original state and minimize the aftereffects of these restrictions."

As of 1 p.m. that day, 43 countries had imposed entry bans on arrivals from Korea, and 57 countries had strengthened quarantine and imposed quarantine measures.

Deputy Prime Minister Hong also expressed his intention to actively respond to the U.S. Department of Commerce's plan to impose countervailing duties related to currency undervaluation.

He emphasized, "Since there is no precedent linking exchange rates and countervailing duties, it is difficult to predict any possibilities. Therefore, we will form a response task force (TF) and strengthen consultations with the U.S. to respond comprehensively." He added, "Our country implements foreign exchange policies within the scope of international practices and norms and has closely consulted with the U.S. side through occasions such as the release of exchange rate reports."

He also expressed the need to strengthen global policy cooperation in response to the global economic slowdown caused by COVID-19. He mentioned, "In difficult times, we will carefully review multilateral and bilateral economic cooperation relationships and make special efforts to strategically manage these relationships and maximize national interests."

Furthermore, he said, "The temporary postponement of the Deputy Prime Ministers' meeting between Korea and Russia to promote the 30th anniversary of diplomatic relations, originally scheduled for March, and the Korea-China Economic Ministers' Meeting was inevitable," adding, "We will focus on actively promoting this year's New Northern Policy, including resuming normal progress after the COVID-19 situation."

He also stated, "The upcoming export control policy dialogue between the two countries, scheduled to be held in Seoul, must be productively negotiated," and "At this meeting, we strongly urged the Japanese government to take concrete actions and measures to restore regulatory measures to their original state."

Finally, Deputy Prime Minister Hong earnestly requested, "I sincerely ask the National Assembly to process the supplementary budget (additional budget) within the current extraordinary session," urging the prompt handling of the supplementary budget.

This content was produced with the assistance of AI translation services.