Government Evacuates 43 Ukrainian Company Expatriates to Minimize Industrial Damage

Ministry of Trade, Industry and Energy Holds 25th Trade Promotion Committee Meeting
Review of Trade Trends Related to the Ukraine Situation

Yeohan Gu, Director General for Trade Negotiations at the Ministry of Trade, Industry and Energy, is speaking at a meeting with the export-import logistics industry held on the 5th at the Korea Trade Insurance Corporation in Jongno-gu, Seoul. Photo by Moon Honam munonam@

[Asia Economy Sejong=Reporter Dongwoo Lee] The government announced on the 24th that it has completed the establishment of an emergency contact network between the government and over 120 domestic companies operating in Russia in preparation for the Ukraine crisis. It also reported that 11 difficulties faced by export companies, such as transaction disruptions, have been reported to the government, and measures for 10 of these cases have been completed. Additionally, it explained that 43 expatriates from 13 domestic companies operating locally have been evacuated.

Yeo Hang-gu, Director General of Trade Negotiations, stated at the '25th Trade Promotion Committee' held by the Ministry of Trade, Industry and Energy on the same day, "We will steadfastly pursue trade policies to ensure that our companies and industries do not suffer damage amid situations such as global supply chain disruptions and geopolitical tensions caused by the Ukraine crisis."

The government maintains that the impact on domestic export and operating companies due to the Ukraine crisis is currently limited and that business will continue. However, it anticipates that if the situation worsens or prolongs, there could be operational difficulties such as logistics and transaction disruptions and restrictions on local economic activities.

Director General Yeo emphasized, "We will thoroughly inspect the real economy overall, including trade, local investment, energy supply, and supply chains, which affect the economy and trade, and will do our utmost to prepare support measures while monitoring the situation of local operating and export companies in real time."

At the meeting, the government reviewed the results of social discussions conducted so far with the goal of applying for membership in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) by April and also examined directions for supplementary measures.

Going forward, the government plans to identify policy tasks requiring supplementary measures such as direct and indirect damage support, competitiveness enhancement, and CPTPP utilization support through a joint task force (TF) of related ministries. The government also confirmed a favorable stance on South Korea’s CPTPP membership application during ministerial-level consultations with Singapore, the chair country, and New Zealand and Australia, the vice-chair and depositary countries.

The government also discussed trends and response plans related to the Indo-Pacific Economic Framework (IPEF) being promoted by the U.S. government. At this meeting, the government plans to decide its position by comprehensively considering economic cooperation effects, impacts on companies, and the positions of major countries from the perspective of maximizing national interests.

Trends in digital trade promotion, including the Digital Economy Partnership Agreement (DEPA) and the Korea-Singapore Digital Partnership Agreement (DPA), were also addressed. In the process of promoting digital trade policies, the government plans to accelerate inter-ministerial cooperation to maximize the benefits of global expansion for Korean companies and to build strategic networks with major countries.

Director General Yeo stressed, "In a severe trade environment where geopolitical tensions and economic impacts caused by the Ukraine crisis continue, we will steadfastly pursue trade policies to ensure that our companies and industries do not suffer damage."

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