'Trade Remedy Seoul International Forum' Held... "We Must Reaffirm the Value of Free Trade"

Vice Minister Jang Young-jin Presiding Over the Business Restructuring Plan Deliberation Committee
(Seoul=Yonhap News) Jang Young-jin, Vice Minister of the Ministry of Trade, Industry and Energy, is presiding over the '35th Business Restructuring Plan Deliberation Committee' held at Lotte Hotel in Jung-gu, Seoul. 2022.10.12 [Provided by Ministry of Trade, Industry and Energy. Redistribution and DB prohibited]
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[Asia Economy Sejong=Reporter Lee Junhyung] The government-held annual 'Trade Remedy Seoul International Forum' marked its 20th anniversary this year.

The Trade Commission of the Ministry of Trade, Industry and Energy announced on the 13th that it held the '2022 Trade Remedy Seoul International Forum' at the Grand Intercontinental Parnas in Seoul. The Trade Remedy Seoul International Forum is the world's only international forum in the field of trade remedies, hosted annually by the Trade Commission since 2001. It was not held in 2008 during the global financial crisis and in 2020 due to the spread of COVID-19, making this the 20th event. About 100 people attended the forum, including Jang Youngjin, the 1st Vice Minister of the Ministry of Trade, Industry and Energy, Jang Seunghwa, Chairman of the Trade Commission, and officials from the World Trade Organization (WTO).

Chairman Jang emphasized the value of free trade in his opening remarks. He said, "In the post-COVID era, the global trade environment is undergoing significant changes due to increased emphasis on supply security and intensified economic intervention by countries," adding, "Excessive trade remedy measures by countries in response to these changes could lead to a contraction in global trade, making the role of trade remedy institutions crucial." He further stated, "I hope this forum will be a valuable opportunity to reaffirm the values of free and fair trade."

This year's forum theme was "Trade Remedy Systems in the Post-COVID Era." Trade remedies are measures to protect domestic industries from unfair trade practices such as dumping and subsidies. Anti-dumping duties, countervailing duties, and safeguards are representative trade remedies. The Trade Commission plans to share cases of countries' responses to changes in the trade environment after COVID-19 and discuss future tasks during the forum.

The Trade Commission will also consecutively hold the 'Trade Remedy Institutions Heads Meeting' and the 'Investigators Technical Consultation' on the 14th. The 'circumvention dumping system' will be on the agenda at the Trade Remedy Institutions Heads Meeting chaired by Chairman Jang. The Trade Commission plans to share the current status of circumvention dumping systems operated by various countries and discuss their compliance with WTO regulations at the meeting. The Investigators Technical Consultation will discuss non-face-to-face investigation techniques.

Vice Minister Jang said, "As the global economy faces unprecedented difficulties, the international regulatory framework is being put to the test," urging, "I hope the forum will share and further develop the values of free trade based on fair trade."

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