Public and Private Sectors Collaborate to Address Regular Issues in the "Super Election Year"

Korean Economic Association Invites Jeong In-gyo, Director General of Trade Negotiations

Amid changes in the global political landscape due to successive elections in major countries and the strengthening of protectionist trade policies, a forum was held for companies and the government to discuss global policy responses and trade issues.

The Korea Economic Association invited Jung In-kyo, Head of the Trade Negotiation Department at the Ministry of Trade, Industry and Energy, to hold the 2nd 'Global Issue Response Executive Council' on the 15th at the FKI Tower Conference Center in Seoul.

[Image source=Yonhap News]

At the council meeting, the uncertain trade environment surrounding Korea in this super election year and the joint response direction of the government and companies to cope with it were discussed.

This year is called a 'super election year' as about 76 elections are scheduled worldwide, including the U.S. presidential election. The business environment for domestic companies is also expected to be highly volatile depending on the election results. This underscores the urgent need for strategic trade policies that respond swiftly to changes in the political environment of major countries.

Kim Chang-beom, Vice Chairman of the Korea Economic Association, said in his opening remarks, "Global protectionism is intensifying with the recent implementation of the European Union's (EU) Carbon Border Adjustment Mechanism (CBAM) and the U.S.'s strengthened advanced technology sanctions against China, and related measures are diversifying," adding, "The council will serve as a practical joint consultative body between the government and companies to enhance corporate responsiveness."

Jung In-kyo, Head of the Trade Negotiation Department, stated in his presentation, "We will strive to minimize the external uncertainties faced by domestic companies." He also explained, "In a situation where the deepening of global major countries' prioritization of their own interests is a concern, we will operate a proactive and multi-layered response system to address national industrial policies by country," emphasizing, "We will work hard to protect national interests."

The council collected industry recommendations on major trade issues for this meeting and delivered them to Head Jung of the Trade Negotiation Department. The recommendations included requests such as expanding the U.S. professional visa (commonly known as the ‘H-1B visa’) quota, which is the biggest difficulty for companies investing in the U.S., as well as financial support for the defense industry.

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