Hong Nam-ki "Cooperation with Biden Administration in 5 Key Areas... Actively Considering CPTPP Membership" (Update)

Cooperation in Five Key Areas Including Digital & Green, Advanced Technology, and Climate Change Response under the Biden Administration
FTA Network Expanded to Cover Up to 90% of Global GDP

[Image source=Yonhap News]

[Asia Economy Reporter Jang Sehee] Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, stated, "We will strengthen bilateral cooperation with the new U.S. administration focusing on five core areas: digital and green technologies, advanced technology, climate change response, health and quarantine, and multilateralism."

On the 11th, at the "220th Foreign Economic Ministers' Meeting and the 136th Foreign Economic Cooperation Fund Management Committee Meeting," Deputy Prime Minister Hong announced, "We will actively consider mega free trade agreements (FTAs) such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)."

He added, "We will swiftly proceed with domestic institutional reforms in four key areas: sanitary and quarantine, fisheries subsidies, digital trade, and state-owned enterprises." He emphasized, "Under the vision of expanding the FTA network to cover 90% of the world's gross domestic product (GDP), we will actively promote FTAs this year."

Deputy Prime Minister Hong also announced plans to expand support from the Economic Development Cooperation Fund (EDCF) to $1.4 billion by 2025 through international cooperation.

He said, "Regarding K-quarantine, the health EDCF, which is expected to see a surge in demand for a considerable period, will be expanded to $1 billion by 2025, providing package support including loans, equipment, and medical personnel cooperation." He added, "Since its establishment in 1987, the EDCF, Korea's only concessional loan fund, has supported 455 projects in 57 countries with a total of 20.7 trillion won, greatly aiding the overseas expansion of Korean companies and personnel."

Meanwhile, the government has presented this year's foreign economic policy strategies as ▲ pioneering new paths for Korean companies' overseas expansion ▲ preemptive response to changes in the trade order ▲ proactive participation in international cooperation ▲ strengthening future-oriented cooperation with major countries.

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