KITA Held 3rd Meeting
of ‘2019 Trade Industry Forum’
the ways to expand the exports of cosmetics and medical devices to China… Private and
public sectors need to cooperate to solve trade difficulties -
The Korea International Trade
Association (Chairman, Kim Young-joo) and the Ministry of Trade, Industry and
Energy (MOTIE) held the third meeting of ‘2019
Trade Industry Forum’ at the Trade Tower in Samseong-dong on April 25th.
16 heads and experts from
cosmetics and medical device export companies, the Korea Cosmetics Association,
the Korea Medical Devices Industrial Cooperative Association, and academia
participated in the forum, which was co-hosted by the Vice Chairman Han
Jin-hyun of KITA and Assistant Secretary Kim Yong-rae of MOTIE, and discussed
current trade issues and countermeasures.
Vice Chairman Han said, “Recently, China
has been expanding its overseas opening policies such as lowering the import
tax rate, revising the foreign investment law, and promoting direct purchase of
foreign goods and there are opportunities for Korean companies." He added,
“Exporting items should be diversified centering on
major consumer goods such as cosmetics and medical devices."
According to the Korea
International Trade Association, Korea's exports to China fell 17.3 percent
from the same period last year, but exports of consumer goods rose 9.2 percent.
With the Chinese government’s plan to actively stimulate its economy, the
Chinese market is anticipated to expand and China will become more important as
a consumer goods export market.
The participants of the forum
expressed the trade difficulties that they are experiencing such as China's
hygiene clearance, non-tariff barriers, and rapidly changing trade regulations
on the Korea's major consumer goods exports, including cosmetics and medical
devices, and requested the Korean government to closely cooperate and respond
to those issues.