Korea Proposes WTO COVID-19 Response 'Global Trade Guidelines' Initiative

Yoo Myung-hee, Chief Trade Negotiator, Holds Video Conference with WTO Director-General
Promoting Expansion of Agreed Items in Ministerial Declaration Among Five Countries Including Facilitation of Business Travel

The second from the left is Yoom Young-hee, Chief Negotiator of the Ministry of Trade, Industry and Energy. (Photo by Ministry of Trade, Industry and Energy)

[Asia Economy Reporter Moon Chaeseok] South Korea has proposed to the World Trade Organization (WTO) the creation of global trade guidelines to respond to crisis situations such as the novel coronavirus disease (COVID-19).

On the 12th at 4:30 PM, Yoo Myung-hee, Director-General for Trade at the Ministry of Trade, Industry and Energy, held a video conference with Roberto Azev?do, Director-General of the WTO, to discuss this matter.

She suggested preparing action guidelines (global trade guidelines) regarding trade and investment that member countries should follow in emergencies to prepare for the recurrence of crisis situations like COVID-19.

Through these guidelines, the aim is to swiftly restore the global trade order during crises and minimize the negative impacts on international trade and investment.

She also raised the need to coordinate cooperation with relevant international organizations such as WHO (health), WCO (customs), and FAO (food).

Additionally, Director-General Yoo mentioned that on the 1st of this month, South Korea, along with Singapore, Canada, Australia, and New Zealand, adopted a ministerial declaration agreeing to establish guidelines to resolve issues such as global supply chain disruptions and the movement of essential personnel caused by the COVID-19 situation.

The declaration explicitly states ▲ensuring the flow of global supply chains ▲facilitating the movement of essential personnel ▲minimizing negative impacts on trade and investment, and she evaluated that publicizing and expanding these efforts at the WTO level would be a meaningful attempt.

Regarding this, South Korea explained plans to continue expanding discussions on the guidelines through bilateral or small group consultations with middle powers sharing similar positions within international organizations such as the WTO, the G20, and the Asia-Pacific Economic Cooperation (APEC), including Canada.

South Korea intends to discuss these matters at the trade ministers' video conference with Canada scheduled for 9:30 AM on the 13th.

Director-General Yoo highly praised the WTO system for contributing to the creation of an orderly and stable international trade environment by establishing trade norms among member countries, ensuring compliance, and serving as an adjudicator in various trade disputes.

She anticipated that if the WTO responds promptly even in unprecedented emergency situations like the COVID-19 crisis, the status of the WTO as the "core and symbol of the multilateral system" will be further solidified.

Director-General Yoo emphasized, "The current trade environment is rapidly changing to the extent that it can be called the 'normalization of crisis and uncertainty,'" and stressed the need for the WTO to pursue "crisis-responsive multilateralism" that swiftly and boldly discusses and resolves urgent and important trade issues facing the world.

She pledged continued cooperation between South Korea and the WTO to overcome the current COVID-19 crisis.

South Korea promised to actively work to ensure that the multilateral trade system based on the WTO remains firmly maintained.

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