'This Year's Top Priority in Trade Policy?'... 32% of Experts Say "Digital Trade"

Survey Results from Experts on External Economic Policy

Survey results of experts on 'The most important tasks to be prioritized in the government's future external economic policy.'

[Sejong=Asia Economy Reporter Joo Sang-don] More than 30% of foreign economic experts identified digital trade and responses to strengthened environmental standards as the government's key priority tasks. Additionally, experts viewed the strengthening of intergovernmental cooperation platforms as urgent to support Korean companies' overseas expansion and suggested enhancing cooperation with the New Southern region.

On the 11th, the Korea Institute for International Economic Policy (KIEP) announced the results of a survey conducted from December 18 to 23 last year, targeting 117 foreign economic experts by sector and region.

According to the survey, 32% of experts selected "digital trade and responses to strengthened environmental standards" as the most important task the government should focus on in future foreign economic policies. Following that, 21% chose responding to changes in the multilateral order such as the mega free trade agreement (FTA), the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and 7% answered strengthening international cooperation such as the G20. In total, 28% of experts believed active trade responses by the government are necessary. Other priority tasks included ▲support for companies' overseas expansion (exports and orders) 15%, ▲stable management of the foreign exchange market 11%, ▲deepening bilateral economic cooperation with major countries 10%, and ▲others 3%.

Regarding the most important task to support Korean companies' overseas expansion, one in four experts (25%) answered "strengthening intergovernmental cooperation platforms." This was followed by ▲support for discovering new businesses 21%, ▲expansion of information provision and consulting 17%, ▲expansion of financial support 13%, ▲establishment of overseas bases such as industrial complexes 9%, ▲expansion of FTAs 8%, ▲strengthening public institution capabilities 5%, and ▲others 1%.

As for countries with which the government should expand cooperation in the future, 50% of experts chose the New Southern region. This was followed by the United States at 11%, the New Northern region at 9%, Latin America at 7%, and China at 6%. For the New Southern region, experts indicated the need for project orders such as infrastructure (37%), global value chain (GVC) cooperation (35%), and advanced technology cooperation (9%). With the United States, they saw the need to strengthen advanced technology cooperation (44%), GVC cooperation (20%), and healthcare cooperation (12%). For the New Northern region, project orders such as infrastructure (35%), energy cooperation (35%), and advanced technology cooperation (15%) were considered necessary.

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