▲ Park Jung-sung, Minister for Trade at the Ministry of Trade, Industry and Energy, presides over his first trade promotion committee meeting at the Government Complex-Sejong in Sejong City on August 26.
Park Jung-sung, Minister for Trade at the Ministry of Trade, Industry and Energy, attended the Group of 20 (G20) Trade Ministers' Meeting held in Milwaukee, Wisconsin, USA, where he emphasized international cooperation to address global overproduction and stabilize supply chains.
According to the Ministry of Trade, Industry and Energy today (the 2nd), Minister Park actively presented the South Korean government's position during discussions across four sessions held over two days starting from the 30th of last month: ▲ the weaponization of food, ▲ structural overproduction, ▲ most-favored-nation (MFN) reform, and ▲ the elimination of forced labor within global supply chains.
Regarding the issue of steel oversupply in particular, he emphasized, "It is important to adhere to basic principles such as voluntary corporate restructuring and trade remedies based on World Trade Organization (WTO) rules," adding that "it must not lead to overprotection that deviates from international norms."
Taking advantage of this multilateral meeting, Minister Park held bilateral talks with major countries including the United States, China, the European Union (EU), the United Kingdom, Japan, India, Türkiye, Australia, Indonesia, Saudi Arabia, and Brazil to discuss pending trade issues.
Minister Park met with Jamieson Greer, the United States Trade Representative (USTR), to request respect for the 15% tariff agreement and agreed to coordinate a specific schedule for the South Korea-U.S. joint committee, now that the first project for investment in the U.S. has been announced.
With Maroš Šefčovič, EU Commissioner for Trade and Economic Security, he discussed the legislative trends of the EU's Industrial Accelerator Act (IAA) and ways to resolve uncertainties for domestic companies.
In a meeting with Jonathan Reynolds, the UK Secretary of State for Business, Innovation and Skills, he expressed gratitude for the UK's exemption of regional sanctions related to South Korea's imports of Russian liquefied natural gas (LNG).
In addition, he solidified cooperation on critical minerals and energy supply chains with China, Australia, and Indonesia, while discussing the expansion of economic partnerships such as free trade agreements (FTAs) with emerging economies like Saudi Arabia and Brazil.
(Photo: Yonhap News)
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