Seoul, Jan 8 (IANS) South Korea plans to explore new areas of cooperation with the United States and respond promptly to potential changes in US trade policies following the launch of the second Donald Trump administration later this month, the industry ministry said on Wednesday.
The Ministry of Trade, Industry and Energy outlined the policy direction for this year during a briefing to acting President Choi Sang-mok.
During the briefing, the ministry said it plans to implement “well-coordinated” responses to the changing trade environment through regular meetings on external economic affairs chaired by the acting president, reports Yonhap news agency.
The move comes as Trump has vowed to bring significant changes to Washington’s trade policies, including the potential reduction or elimination of the CHIPS and Science Act and the Inflation Reduction Act.
“South Korea and the U.S. have been developing a mutually beneficial trade relationship, with South Korea becoming the biggest investor in the U.S. in 2023,” said First Vice Industry Minister Park Sung-taek.
“We plan to explain such aspects (to Washington) to have South Korea excluded from new tariff measures,” Park added.
The government is planning to explore new areas of cooperation with the United States and is preparing to launch an interagency task force to strengthen ties in the shipbuilding industry, a sector Trump hinted at prioritising for collaboration with South Korea after taking office.
South Korea will also enhance the role of the Korea Trade Commission to expand investigations on products dumped into the domestic market.
To maintain the momentum in the country’s exports, the ministry will also offer record trade finances worth 360 trillion won (US$247 billion), along with other support to exporters for their marketing projects.
More detailed measures to promote exports are expected to be unveiled in February, it added. South Korea’s exports advanced 8.2 percent on-year in 2024, setting a new annual record of US$683.8 billion.
“This year, exports are expected to stay low in the first half and later recover,” Park said. “The government will allocate all available resources in the first half of the year, as we anticipate a concentration of unfavourable factors during this period.”
South Korea plans to accelerate efforts to sign additional trade pacts with new partners, including Malaysia, Thailand and Mongolia, to diversify its trade portfolio this year, the ministry said.
The ministry will also focus on finalising ongoing negotiations for a nuclear plant project in the Czech Republic.
A South Korean consortium, led by the state-run Korea Hydro & Nuclear Power, was selected as the preferred bidder in July to build two reactors at the Czech Republic’s Dukovany power plant, with the final contract expected to be signed in March.
In addition, South Korea will make efforts to ensure progress in the East Sea gas exploration project, where the first drilling operation began last month to search for an estimated 3.5 billion to 14 billion barrels of oil and gas.
—IANS
na/
