KITA News and Reports
  • A Month of Trump Administration, Impacts on Korea’s Trade
    2017-02-20

    A Month of Trump Administration, Impacts on Korea’s Trade

    - KITA held ‘Conference on US Trade Policy Assessment and Outlook’ -

     

    The Korea International Trade Association (Chairman, Kim In-ho) and the Korea Institute for International Economic Policy (KIEP, President, Hyun Jung-taik) jointly held ‘Conference on US Trade Policy Assessment and Outlook’ at Trade Tower in Samseong-dong, Seoul, on February 20th (Monday) to mark a month of Trump Administration.   

     

    This event was designed to examine the rapidly changing global trade environment in response to the launch of the Trump Administration a month ago and seek Korean companies’ countermeasures. Some argued that since the Trump administration has taken an aggressive stance such as the TPP withdrawal and renegotiation of NAFTA, the Korean trade industry needs to analyze the US trade policy and consider how to overcome the wave of protectionism and establish new growth strategies.

     

    The first speaker, the president Hyun Jung-taik of KIEP, gave a presentation on the evaluation and prospect of new US government’s trade policy. The president Hyun Jung-taik stressed that Korea and the US need to expand their mutual trust by promoting the positive impacts of the Korea-US free trade agreement. He also mentioned that Korea should increase imports and investment in the US, requesting to refrain from excessive concerns over US trade pressure.

     

    The second presenter, Shin Seung-kwan, president of the Institute for International Trade elaborated the trade disputes between the US and China and their impacts on Korean trade business and anticipated that the US-China trade conflicts would have negative impacts on Korea's exports to China as well as the United States. He emphasized to prepare a contingency plans for the worst situation as Korea is highly dependent on trade and its exports to G2 (the US and China) account for 40 percent of the total.

     

    After the presentations, about one hundred people including employees and executive members of organizations, research centers and companies participated in the conference hosted by the professor Park Tae-ho of Seoul National University. CEOs of trade companies and professors took part in the conference as panels. In particular, a participant who is working for trade business asked the experts’ opinions on the countermeasures of Korean companies who have invested in overseas such as Vietnam and Mexico.

       

    Chairman Kim In-Ho of the Korea International Trade Association, the organizer of the conference, stressed "The Korean trade has transformed the crisis into an opportunity and has been growing by taking environmental changes as opportunities for innovation. He also emphasized Korean companies need to set up production and investment strategies against protectionism and improve the country’s competitiveness through structural innovation with entrepreneurship. 

     

     

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