Uncertainty Rises in Elections Across 76 Countries Including the US This Year... Governments to Strengthen Swift and Proactive Responses

Ministry of Trade, Industry and Energy Launches 'Global Trade Strategy Meeting'

This year, elections are being held in 76 countries worldwide, including the United States, raising global uncertainty and significantly expanding trade risks. In response, the government has decided to strengthen rapid and proactive measures against trade risks.

The Ministry of Trade, Industry and Energy announced that Minister An Deok-geun convened the first meeting of the 'Global Trade Strategy Council,' composed of industry representatives, experts in industry, trade, and international relations, and government officials, at the Lotte Hotel in Seoul on the 26th.

Anduk Geun, Minister of Trade, Industry and Energy. (File photo)

At the meeting, Minister An and the attendees reviewed the overall response directions and strategies of the government and industry under the themes of ▲ Global trade environment outlook and analysis ▲ Impact on major industries and response strategies according to changes in the international situation.

Minister An stated, "The global trade environment is extremely severe. The government will more swiftly gather and share information and utilize the Global Trade Strategy Council as a platform to respond more intensively. Regarding pressing issues such as the U.S. Inflation Reduction Act (IRA) tax credits, Foreign Entities of Concern (FEOC), semiconductor subsidies, and the European Union (EU)'s Carbon Border Adjustment Mechanism (CBAM), the trade authorities are closely consulting through various channels at all levels. Moving forward, we will make every effort to work as one team with the industry to reflect our position to the fullest extent."

The Ministry of Trade, Industry and Energy plans to hold regular working-level meetings as a follow-up to the minister-led Global Trade Strategy Council. Through detailed analysis of various risks by issue, region, and industry, they will prepare scenario-based response strategies to ensure thorough management of trade risks this year.

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