Industry Ministry: "Need for Asia Trade Security Policy Cooperation Amid Global Tech Hegemony Competition"

[Sejong=Asia Economy Reporter Kwon Haeyoung] Yeo Han-gu, Head of the Trade Negotiation Division at the Ministry of Trade, Industry and Energy, proposed cooperation on trade security policies among Asian countries on the 17th, stating that "in a situation where global technological hegemony competition is accelerating, it is necessary to strengthen policy partnerships linking trade, technology, and security among Asian countries."

Yeo made these remarks at the '2021 International Trade Security Conference' held at the COEX Grand Ballroom in Seoul. The conference, themed "Current Status and Challenges of Trade Security Promotion in Asian Countries," was attended by key figures from governments, think tanks, and companies of major Asian countries.

He suggested three policy cooperation directions: ▲strengthening global cooperation ▲cooperation in protecting advanced technologies ▲enhancing support for companies.

Yeo stated that the export control system is a safeguard for the stable expansion of global trade, and Korea, as a leading country in export control, will lead the formation of norms for the four major international export control regimes: the Wassenaar Arrangement (WA), Nuclear Suppliers Group (NSG), Australia Group (AG), and Missile Technology Control Regime (MTCR), as well as discussions to strengthen export control cooperation in Asia. Korea and Japan are the only countries in Asia that are members of all four major treaties and regimes related to export control.

He also mentioned that as the importance of technology security increases, Korea will strengthen protection systems for core technologies in fields where its industries have strengths, such as semiconductors and secondary batteries, and expand cooperation with countries holding similar positions. He added that support for companies should be enhanced by improving their acceptance through the organic operation of export control, investment screening, and technology protection.

An official from the Ministry of Trade, Industry and Energy stated, "We will hold international conferences on trade security annually to monitor international export control norms and major countries' policy trends, and based on this, continuously promote trade security and technology trade strategies."

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