Martial Arts: "Rapidly Changing Trade Environment... Need to Increase Supply Chain Cooperation"

Publication of Report by Korea International Trade Association International Trade and Commerce Research Institute

The Korea International Trade Association's Institute for International Trade and Commerce published a report titled 'Trade Cooperation Measures in Response to Changes in the Global Trade Environment' on the 30th. The purpose of this report is to present strategic directions to respond to rapid changes in the trade environment, such as economic nationalism and green transition. Specifically, it proposed ▲cooperation in mineral resource supply chains ▲strengthening export market marketing ▲expanding outreach to global leaders ▲actively utilizing international development cooperation.

The Institute explained in the report that to reduce excessive dependence on battery materials and components for electric vehicles, which are key to the green transition, it is necessary to secure a stable mineral resource supply chain through resource development cooperation. It emphasized the need to strengthen resource development and supply chain cooperation with major countries where the five key battery minerals?lithium, nickel, cobalt, manganese, and graphite?are deposited, such as Australia, Brazil, and China.

As the importance of new trade agendas such as supply chains, carbon neutrality, and digital transformation is emphasized, the report advised strengthening outreach to influential countries in shaping trade norms, including the United States, the EU, and China, to fully reflect the interests of domestic companies. It also explained that joint responses are possible with countries like Germany and Japan, which have similar industrial structures to Korea.

[Image source='Report on Trade Cooperation Measures in Response to Changes in the Global Trade Environment']

The Institute also included in the report that amid increasing demands from the international community for Korea's contributions, active development cooperation could serve as an opportunity to strengthen Korea's position. It explained that among Korea's major Economic Development Cooperation Fund (EDCF) project recipient countries, those with high growth potential such as Vietnam, Bangladesh, the Philippines, and Indonesia are the main target countries.

The report included a list of 27 countries and regions selected as priority trade cooperation targets based on four strategic direction criteria. The United States and China corresponded to three areas: mineral resource supply chain cooperation, export market marketing, and global leader outreach. Indonesia was identified as a target for mineral resource supply chain cooperation, export market marketing, and international development cooperation. It was selected as the top priority for trade cooperation promotion.

Lee Yoo-jin, a senior researcher at the Korea International Trade Association, said, “Among the priority cooperation countries, Japan has a significant influence on our trade, but there was only one summit diplomacy meeting in the past decade until last year," adding, "The recent summit diplomacy between the two countries has opened the way and laid the foundation for economic cooperation, which is positive.” She continued, "Trade diplomatic activities targeting T?rkiye, Brazil, the United Kingdom, and the Philippines were found to be insufficient," and added, "efforts should also be made to strengthen cooperation with these countries."

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