Deputy Prime Minister and Minister of Finance and Economy Koo Yoon-cheol stated, "The government will stably manage trade relations with the United States."

In his opening remarks at the Ministerial Meeting on International Economic Affairs held at the Government Complex Sejong this morning (July 20), Deputy Prime Minister Koo said, "The government will consult closely with the U.S. with national interest as our top priority."

Deputy Prime Minister Koo assessed that while exports are performing well, hitting record highs, external uncertainties remain due to trade risks in major countries and instability in the Middle East.

"To overcome external uncertainties, we will discuss managing external risks and expanding our future economic territory based on the foundation of cooperation secured through summits and other channels," Koo said.

Regarding the U.S., Deputy Prime Minister Koo explained, "The government is responding from the perspective of national interest to tariff measures such as the U.S. global temporary tariffs, item-specific tariffs, and Section 301 investigations related to overproduction and forced labor, as well as follow-up implementation in non-tariff areas."

Concerning the 350 billion dollar investment commitment to the U.S. following last year's tariff negotiations, he said, "We are establishing an implementation system to carry this out in earnest and are reviewing the commercial viability of the projects."

Since the enforcement of the Korea-U.S. Strategic Investment Special Act last June, the government has successively launched the Korea-U.S. Strategic Investment Corporation, the Project Management Committee, and the Steering Committee.

Deputy Prime Minister Koo stated that the government would respond to discussions on reforming the weakened World Trade Organization (WTO), the early entry into force of the Investment Facilitation Agreement, and the end of the moratorium on customs duties on electronic transmissions.

Regarding trade policies of various countries to address climate change, he emphasized, "We will participate in discussions on forming new trade norms to reflect our position and actively support the enhancement of our economy's green industry competitiveness."

On the promotion of the Korea-Bangladesh Comprehensive Economic Partnership Agreement (CEPA), Deputy Prime Minister Koo said, "It will not only increase market access for our companies but also serve as an opportunity to establish a strategic bridgehead for entering the Southwest Asian market." He added, "Beyond the existing cooperation centered on textiles and clothing, we expect expanded cooperation in various fields such as infrastructure, manufacturing, digital, and energy."

Deputy Prime Minister Koo also discussed the strategy for promoting a K-AI package based on concessional Official Development Assistance (ODA) on this day.

"To enhance the growth potential of developing countries and contribute to the realization of a global AI basic society, we will prepare a project menu centered on seven major fields where we have strengths, such as water resources, health, and culture, and support them by organically utilizing various development cooperation tools," Koo stated.

"We will continuously update the project menu and spread it to developing countries through a global AI hub," he emphasized. "Through this, we will create future demand for AI and support the overseas expansion of our companies and technologies."

(Photo: Yonhap News)