Seoul: South Korea will make efforts to expand economic exchanges and cooperation with Southeast Asian countries to address anticipated changes in the global trade environment, the industry ministry said Thursday, after the new U.S. administration signaled plans to implement protectionist measures.
According to Yonhap News Agency, the Ministry of Trade, Industry and Energy unveiled the vision during its forum with trade experts, pointing out that nearly 4,000 South Korean companies are currently operating in the 10 member countries of the Association of Southeast Asian Nations (ASEAN).
"It has become more important than ever to expand future-oriented economic cooperation with the ASEAN region, a key area of the Global South," Deputy Minister for Trade Park Jong-won stated. He emphasized the significance of strengthening ties with ASEAN to safeguard South Korean business interests amid the shifting global trade landscape.
The ministry highlighted its commitment to intergovernmental coordination to ensure stable business operations for South Korean enterprises. This comes as a response to the new U.S. administration's trade policy, which involves a review of existing U.S. trade agreements. The policy, initiated by U.S. President Donald Trump, could potentially impact South Korea's exports to the U.S., prompting South Korea to seek alternative avenues for economic collaboration.