Minister of Industry: "Export Control Essential to Gain International Trust"

The 10th '2020 Trade Security Day' Commemoration Ceremony Held

Sung Yun-mo, Minister of Trade, Industry and Energy./Photo by Jinhyung Kang aymsdream@

[Asia Economy Reporter Moon Chae-seok] "In the current situation where countries around the world are strengthening export controls citing national security and other reasons, our companies must comply with the export control system to be recognized as trusted trade partners."

Seong Yun-mo, Minister of Trade, Industry and Energy, said this on the 8th at the 10th '2020 Trade Security Day' commemorative ceremony held at the Korea Chamber of Commerce and Industry International Conference Hall.

Trade Security Day marks its 10th anniversary this year. Since 2011, it has been held to raise awareness of strategic items and exchange information about the export control system.

It is held on the first Wednesday of July to commemorate the enforcement date of the strategic items system under the Foreign Trade Act on July 1, 1993, and the enactment date of the "Wassenaar Arrangement Guidelines on Strategic Item Control" on July 12, 1996.

The ceremony proceeded with Minister Seong's encouragement speech, relay congratulatory videos from five related persons including Kim Yu-rim, a student at Inha University, followed by an awards ceremony for 20 meritorious persons receiving commendations from the Minister of Trade, Industry and Energy and the Minister of Foreign Affairs.

Side events such as an online seminar for Compliance Program (CP) trade operators and training for CP executives were also held.

CP refers to trade operators who voluntarily establish a strategic item control system and receive government designation to be granted special privileges (such as general export licenses). Currently, 164 companies have been designated.

The Trade Security Day commemorative ceremony and CP company seminar will be posted on the Ministry of Trade, Industry and Energy and Strategic Items Management Institute websites from the 10th.

Minister Seong stated, "Considering changes in the global trade security environment and the conditions of our industry, we plan to enhance the effectiveness of the export control system to support our companies to trade with peace of mind."

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