Famous Hee Nam Who Visited the US Emphasizes 'FTA Utilization'... "Considering CPTPP Membership"

'FTA Utilization Policy Forum' Held... Reiterating "Restoration of WTO-Centered Multilateral Trade System"
8 Days After Moon's CPTPP Membership Hint, "Review of CPTPP Membership" Mentioned
Target Set to Increase SME and Mid-sized Companies' FTA Utilization Rate from 60% to 70% by 2025

[Image source=Yonhap News]

[Asia Economy Reporter Moon Chaeseok] Yoo Myung-hee, head of the Trade Negotiations Division at the Ministry of Trade, Industry and Energy, announced on the 16th that she would "actively utilize Free Trade Agreements (FTAs)" after meeting with U.S. trade authorities for the first time since Joe Biden was elected President of the United States. She stated that, as President Moon Jae-in revealed, "we will continue to review joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)."

Director Yoo emphasized, "We will strengthen solidarity and cooperation with major trading partners to spread 'open free trade' in the international community," and added, "We will strive to restore the multilateral trading system centered on the World Trade Organization (WTO) with major trading partners and achieve coexistence and cooperation in the international community."

She said, "Following RCEP, we will further expand the FTA network focusing on the New Southern Policy, New Northern Policy, and Latin America, and continue to review joining the CPTPP." This came eight days after President Moon hinted at joining the CPTPP at the 57th Trade Day ceremony on the 8th.

The Ministry of Trade, Industry and Energy announced that Director Yoo will hold an 'FTA Utilization Policy Forum' at 3 p.m. on the same day at the Korea International Trade Association in Gangnam-gu, Seoul. The forum was organized to strengthen the export competitiveness of small and medium-sized enterprises (SMEs) and mid-sized companies.

The forum will include companies utilizing FTAs, related organizations, and trade experts. They will share strategies and policy directions to respond to trade uncertainties. They will discuss ways to boost export vitality by utilizing recently signed FTAs such as the Regional Comprehensive Economic Partnership (RCEP).

A specific goal was presented to increase the FTA utilization rate of SMEs and mid-sized companies from the current 60% to the 70% range by 2025. Director Yoo said, "We plan to provide seamless support throughout the entire cycle from FTA conclusion to implementation, utilization, and post-complementation."

She also stated, "We will establish a 'K-New Deal Globalization Strategy' to prepare for climate change, the restructuring of global value chains (GVC), and digital transformation."

Following Director Yoo's remarks, announcements on changes in the trade environment and government policy directions are expected to continue.

Han Jin-hyun, Vice Chairman of the Korea International Trade Association, said, "With the rapid changes in the trade environment such as the restructuring of existing GVCs due to COVID-19, it is time for our companies to change their FTA utilization strategies," and added, "We expect the forum to serve as an opportunity to enhance the implementation and utilization levels of FTAs."

After the forum, Director Yoo is scheduled to visit the 'Comprehensive Export-Import Logistics Response Center,' which began operations on the 3rd. The center is a public-private joint organization formed by the government in response to concerns about a 'logistics crisis' due to recent surges in maritime freight rates.

She said, "Logistics is the main artery that breathes vitality into our exports," and urged, "I hope that, centered on the center, all efforts will be made to resolve export-import logistics issues for our companies."

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