SME Sector "Global Trade Environment Expected to Change with Biden's Election"

SME Association of Korea States Position on US Presidential Election Results

[Asia Economy Reporter Kim Cheol-hyun] The small and medium-sized enterprises (SME) sector anticipates changes in the global trade environment following the confirmation of Joe Biden's victory in the U.S. presidential election. They emphasize the need for preparedness in response to this development.

On the 9th, the Korea Federation of SMEs stated, "Biden, during his candidacy, pledged to strengthen cooperation with allied countries and pursue multilateralism, which is expected to reduce uncertainties in the trade environment."

However, the industry expressed concerns that "the emphasis on alliances to counter China may force a choice between the U.S. and China." Regarding North Korea policy, they predicted, "Given the policy focus on systematic and tangible results, the maintenance of sanctions against North Korea as well as delays in resuming inter-Korean economic cooperation are expected." Yet, they also expressed hope that "politics and economics will be separated, and inter-Korean cooperation, symbolized by the reopening of the Kaesong Industrial Complex, will continue."

The industry further stated, "While strengthening security cooperation with the U.S., we expect our government to devise wise trade policies and response strategies that allow companies to gain economic benefits," and emphasized, "the SME sector will also make every effort to overcome the economic crisis by actively exploring export markets utilizing the Korea premium gained through COVID-19 quarantine efforts."

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