Minister of Industry: "RCEP is an Opportunity for Us as a Manufacturing Powerhouse"

Sung Yun-mo, Minister of Trade, Industry and Energy (second from the right). (Image source=Yonhap News)

[Asia Economy Reporter Moon Chaeseok] Sung Yoon-mo, Minister of Trade, Industry and Energy, emphasized on the 18th that "The signing of the Regional Comprehensive Economic Partnership (RCEP), the world's largest free trade agreement (FTA), holds great significance for us in terms of revitalizing regional exports, overcoming the COVID-19 crisis, and accelerating the New Southern Policy."

Minister Sung made these remarks at a 'RCEP Public-Private Joint Meeting' held at a hotel in Yeouido with economic organizations and major industry groups.

He stated, "For us, a manufacturing powerhouse, RCEP can be a great opportunity," adding, "It is necessary to effectively respond by utilizing RCEP in the development of industries and the reorganization of global supply chains in the post-COVID era."

He also said, "Although we are still at a disadvantage compared to Japan in ASEAN, ASEAN has significantly expanded market opening for us under RCEP," and proposed, "Let us expand cooperation comprehensively, not only in exports, industrial cooperation, technology exchange, and investment expansion but also in social and cultural exchanges and cooperation."

Furthermore, he noted, "Considering that RCEP is the first FTA signed with Japan, we reflected our sensitivities as much as possible in negotiations with Japan, but ultimately, we need to analyze and respond strategically by industry to compete on equal footing with Japan."

The attendees also evaluated RCEP positively.

Jung Dong-chang, Executive Vice President of the Textile Industry Federation, said, "The RCEP signatory countries account for 56% of total textile exports," and predicted that it would positively affect the expansion of textile trade and investment in the future.

Choi Hyung-gi, Executive Vice President of the Machinery Industry Promotion Association, expressed expectations, saying, "The signatory countries account for 44% of total general machinery exports, which is a major surplus market," and Lee Min-cheol, Executive Vice President of the Steel Association, also anticipated, "Since RCEP signatory countries account for 50% of steel exports, there will be an effect of export increase."

Ahn Deok-geun, President of the International Fair Trade Association, said, "The signing of RCEP is an important industrial and trade achievement amid the acceleration of regional supply chains due to COVID-19," and added, "I hope it will serve as an opportunity to strengthen the New Southern Policy and cooperation among Korea, China, and Japan in the future."

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