Yoon Seok-yeol: "Government Role Is Not Market Intervention or Directive" Promises Deregulation

WSJ Interview Emphasizes "Protecting Liberal Democracy and Market Economy"
Also Announces Policy to Strengthen ROK-US Alliance and Restore ROK-Japan Relations
"If North Korea Takes Steps Toward Denuclearization, More Incentives Will Be Offered"

[Asia Economy New York=Special Correspondent Joselgina] "The government's role is not to interfere with or direct how the market operates." Yoon Seok-yeol, the president-elect who will take office next month, named the protection of constitutional values of liberal democracy and market economy as a key presidential duty and promised to ease corporate regulations. He also announced plans to strengthen the South Korea-U.S. alliance and restore South Korea-Japan relations.

In an interview with The Wall Street Journal (WSJ) published on the 24th (local time), Yoon said, "One of my most important duties as president is to uphold the values enshrined in our constitution that protect liberal democracy and the market economy," adding, "This is the core of South Korea, whether in foreign or domestic policy."

He pledged to pursue deregulation through executive orders or other means that do not require legislative procedures. He emphasized, "The government's role is not to interfere with or direct how the market operates," and added, "Our government will implement policies that correct and normalize the market so it can function properly." He also stated his intention to eliminate unnecessary regulations and remove discrimination against foreign companies to attract more investment.

As his top domestic priority after taking office, Yoon named "helping companies and individuals recover from the pandemic," criticizing the Moon Jae-in administration for maintaining COVID-19 quarantine regulations for too long.

On the international front, he viewed the ongoing tensions between the U.S. and China as both an opportunity and a crisis for South Korea. Yoon said, "I believe there is a way to achieve peace, shared prosperity, and coexistence with the U.S. and China," but warned, "However, if we appear ambiguous or inconsistent in our foreign policy, it could be very dangerous."

He stated that he will discuss strengthening the alliance between the two countries during a meeting with U.S. President Joe Biden scheduled for May. Regarding the joint South Korea-U.S. military exercises, which have been scaled down since 2018, he mentioned that they are considering restoring them to previous levels by this fall or next spring. While the exact scale and timing need to be coordinated with the U.S., he explained, "We will see the resumption of joint exercises in some form."

He also mentioned plans to improve relations with Japan. The WSJ added that the U.S. ambassador to Japan recently described the visit of Yoon’s policy consultation delegation to Japan as "a new day and a new chapter in trilateral relations based on new friendship." Furthermore, Yoon said he does not expect South Korea to be invited soon to the Quad, the U.S., Japan, Australia, and India’s consultative group aimed at countering China, but stated, "If given the opportunity, we will positively consider participating."

On the other hand, he emphasized a tougher stance toward North Korea compared to the current Moon administration, demanding complete denuclearization. Yoon said that if North Korea takes denuclearization measures, he is willing to offer more incentives than the humanitarian aid promised by the current government. Examples of measures North Korea could take include allowing external inspection teams at nuclear-related facilities. In return, South Korea could activate investment in the North and provide key technologies. However, the WSJ assessed that although North Korea has allowed such inspections in the past, the likelihood is low considering recent border closures due to the COVID-19 pandemic and diplomatic indifference.

Additionally, Yoon expressed a desire to strengthen deterrence against North Korea, including endorsing preemptive strikes if an attack is imminent. Regarding the enhancement of deterrence, he added, "Sharing or deploying nuclear weapons with the U.S. in South Korea is not an option under consideration."

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