Yang Seo-jin, First Senior Officer, Elected Chair of WTO Financial Services Trade Committee

Photo by Ministry of Trade, Industry and Energy

[Asia Economy Reporter Moon Chaeseok] The Ministry of Trade, Industry and Energy announced that Yang Seo-jin, First Secretary of the Permanent Mission of the Republic of Korea to Geneva, was elected as the chairperson of the World Trade Organization (WTO) Committee on Trade in Financial Services held in Geneva, Switzerland, at 11:30 PM on the 14th (Korean time). The term is one year.

The committee is one of the four committees under the WTO Council for Trade in Services. It shares information on regulatory policies of each country affecting trade in financial services and oversees the implementation of financial services provisions under the WTO General Agreement on Trade in Services (GATS).

According to the Ministry, the 164 WTO member countries have used the committee meetings as an opportunity to discuss how to respond to changes in the financial environment due to technological development at the WTO level and to consult on measures to enhance transparency to resolve regulatory difficulties.

Trade in services accounts for 65% of the world GDP. It contributes to productivity growth and employment expansion and is linked to global value chains (GVC) such as telecommunications, finance, transportation, and construction, maximizing added value.

An official from the Ministry said, "With Secretary Yang’s advancement to the chairperson of the WTO council, it will create an opportunity for us to actively contribute to discussions on financial services within the WTO, including ways to harmonize financial policies and trade systems."

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