Government Holds Public-Private Seminar on COVID-19 FTA Response Strategies

At Incheon International Airport Cargo Terminal, Made in Korea export products waiting to be shipped on Korean Air cargo planes, ready to be distributed worldwide. / Yeongjongdo - Photo by Kim Hyunmin kimhyun81@

[Asia Economy Reporter Moon Chaeseok] The Ministry of Trade, Industry and Energy will hold a joint public-private video seminar chaired by Yeohangu, Director General for Trade Negotiations, on the 9th. The seminar aims to analyze the changed global trade environment due to the novel coronavirus disease (COVID-19) pandemic and to supplement South Korea's free trade agreement (FTA) promotion strategy.

The seminar will be held from 2 p.m. to 4 p.m. and will proceed with expert presentations followed by joint public-private discussions. The presentations will cover topics such as the impact of COVID-19 on the global economy and changes in the trade environment, as well as exploring global trade strategies and FTA promotion directions to overcome COVID-19.

Participants diagnosed that the global supply chain has weakened and trade investment is expected to shrink due to COVID-19.

They anticipated that the expansion of massive emergency support measures by governments worldwide and restrictions on the cross-border movement of businesspeople will have considerable effects on future global trade policies and FTA norms.

Ahn Deokgeun, President of the Korean International Trade Association, advised, "Even if the COVID-19 situation stabilizes, countries may expand import restrictions and other measures to revitalize their economies. It is necessary for the government to conduct more active monitoring and establish preemptive measures."

Experts emphasized that urgent priorities for global trade policies responding to COVID-19 include facilitating the smooth trade of goods and services, securing global supply chains, guaranteeing the movement of essential personnel such as businesspeople, and preparing in advance for a digital-based untact economy.

In health and medical fields, given that South Korea is recognized as a model country in COVID-19 response, it was argued that the country needs to lead multilateral trade discussions and future international cooperation through organizations such as the World Trade Organization (WTO) and the Regional Comprehensive Economic Partnership (RCEP).

Yeohangu, Director General for Trade Negotiations at the Ministry of Trade, Industry and Energy, said, "It is important to continuously utilize video seminar methods during the COVID-19 situation to prepare for upgrading trade norms reflecting rapid changes in the trade environment," adding, "It is necessary to prepare in advance an FTA promotion strategy in preparation for the 'post-COVID-19' era."

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