Ministry of Industry Launches 'FTA Strategy Forum' with Academia to Respond to Rapidly Changing Trade Environment

[Image source=Yonhap News]

[Asia Economy Sejong=Reporter Dongwoo Lee] The Ministry of Trade, Industry and Energy is collaborating with academic experts to address the rapidly changing international trade environment.

On the 25th, the Ministry announced the launch of the 'FTA Strategy Forum' in partnership with the International Trade Association. This initiative comes from the recognition of the growing need for customized responses that link industrial policy, economic security, and geopolitical strategies amid global supply chain challenges and technological competition, necessitating a new strategic approach to Free Trade Agreements (FTAs).

Due to the recent spread of protectionism, intensified US-China hegemonic competition, and the transition to a digital and green economy, FTAs are evolving from traditional market-opening through tariff elimination to external policy platforms encompassing digital trade norms and supply chain security.

In particular, FTAs are diversifying beyond mega FTAs that expand regional bloc formations to include sector-specific agreements such as the Indo-Pacific Economic Framework (IPEF), Trade and Technology Council (TTC), and Digital Economy Partnership Agreement (DEPA).

At the first forum, discussions will focus on analyzing the economic effects of FTAs and actively reflecting business realities such as the impact on existing goods market liberalization, supply chains, and economic security to respond to these changes.

Attendees include Jeon Yoon-jong, Director General of Trade Negotiations at the Ministry of Trade, Industry and Energy; Lee Si-wook, President of the International Trade Association; and academic experts such as Professors Kim Young-gwi and Jung Cheol (KIEP), Seo Jeong-min (Soongsil University), Sung Han-kyung (University of Seoul), Song Baek-hoon (Dongguk University), Wang Yoon-jong (Dongduk Women’s University), Jang Yong-jun (Kyung Hee University), and Cho Mi-jin (Myongji University).

The Ministry stated, "This year, we plan to hold the FTA Strategy Forum five to six times to communicate broadly with various experts and continuously monitor changes in the international trade environment to consistently review new FTA strategies."

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