Moon Seung-wook, Minister of Industry, "Urgent Need to Enhance Trade Capabilities to Address Supply Chain and Digital Transformation"

[Sejong=Asia Economy Reporter Kwon Haeyoung] Moon Seung-wook, Minister of Trade, Industry and Energy, emphasized on the 10th that "it is urgent to enhance trade capabilities to cope with supply chain disruptions and the acceleration of digital transformation."

On the same day, Minister Moon held a meeting with trade experts at The Plaza Hotel in Seoul and stated, "While we have focused on market entry through active Free Trade Agreement (FTA) signings, we must now address rapidly changing trade environments, especially issues expected to persist even after the global pandemic."

He said, "In a situation where countries are reviving industrial policies, we will leverage the competitiveness of domestic industries such as semiconductors and batteries and strengthen partnerships with major countries to firmly establish our position within the global supply chain. We will also concentrate government capabilities on global issues such as responding to the climate crisis, transitioning to a digital economy, and restoring the World Trade Organization (WTO), contributing to the recovery of the multilateral trade order."

At the meeting, trade experts pointed out that recent trade issues are emerging in forms integrated with industry, technology, and security, making fragmented approaches limited, and they suggested that the government should respond with a comprehensive perspective considering all these factors. They particularly noted that it is important to pay attention to the fact that industrial policy strengthening to enhance competitiveness in advanced technology sectors, domestic supply chain stability, and job creation are being discussed within the scope of trade policy in countries such as the United States and Europe.

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