Sharing Best Practices for Economic Cooperation
Urgent Measures Requested for Financial Market Stabilization

The Federation of Korean Industries (FKI) Building located in Yeouido, Yeongdeungpo-gu, Seoul.

[Asia Economy Reporter Dongwoo Lee] The Federation of Korean Industries (FKI) announced a joint statement on the 26th with the Global Business Coalition (GBC) to overcome the crisis caused by the novel coronavirus infection (COVID-19).

The GBC is a global pure private economic organization coalition consisting of 16 countries worldwide, including the FKI of Korea, the United States, the United Kingdom, France, and Germany. It was established in 2012 to promote free trade and create a favorable investment environment.

Through the joint statement, the FKI proposed sharing international cooperation among the global business community and ‘Best Practices’ in various industrial sectors.

The FKI stated that it has initially shared the Korean government’s and business community’s COVID-19 response measures and opinions with GBC member countries. Based on this, the GBC plans to share response policies and management best practices with member countries in the future.

It also requested that each government and the international community actively implement extraordinary measures to minimize economic damage.

Specifically, these include ▲ coordinating international procedures for the movement of personnel such as businesspeople ▲ temporarily boosting economic vitality ▲ stabilizing financial markets and implementing country-specific fiscal policies ▲ minimizing disruptions to global value chains ▲ avoiding new regulations and ensuring close communication between governments and the private sector when drafting economic response measures.

This joint proposal was suggested by the FKI and agreed upon by the 16 GBC member countries. The FKI announced that it has delivered the joint proposal to various governments and major international organizations such as the World Trade Organization (WTO), the World Health Organization (WHO), B20 (a consultative body among G20 countries’ business communities), and the Organisation for Economic Co-operation and Development (OECD).

Prior to the announcement of the proposal, the GBC also released a ‘Joint Statement Urging the Normal Operation of Air Cargo and Logistics Networks’ to ensure smooth global supply chains in preparation for COVID-19. The statement included measures such as the rapid distribution of medical and quarantine supplies and exemption from self-quarantine for essential air cargo personnel to prevent shocks and confusion in the global economy.

The GBC plans to additionally announce a statement proposing the establishment of a ‘COVID-19 Response Medical Supplies Supply Committee’ involving governments, international organizations, and industries from various countries.

Kim Bong-man, Director of International Cooperation at the FKI, said, “In the face of an unprecedented health and economic crisis, we must unite internally between our government and private sector and externally seek solutions with the global business community. The FKI will lead international cooperation by mobilizing global cooperation platforms, including the GBC.”

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