KITA forum to discuss global trade

Economic policymakers, academics and industry officials from around the world will discuss challenges and strategies for international trade at a forum organized by the Korea International Trade Association.

Scheduled for Sept. 26-27 in Seoul, the conference commemorates Korea’s reaching $1 trillion in trade this year, KITA said. The Peterson Institute for International Economics, a Washington-based non-profit think tank, is co-hosting the event.

A series of roundtables and speeches will underscore Korea’s greater engagement in the global trade landscape, the state-run trade agency said. The agenda includes the challenges and opportunities for trade in a post-crisis era, multilateral trading regimes and emerging factors in international trade such as climate change and information and communications technology.

“To sustain its expansion of trade going forward, the Korean government aims to adopt appropriate economic policies while companies strive to enhance their competitiveness and seek new markets abroad,” said SaKong Il, KITA chairman.

“(At the forum,) distinguished scholars and experts will share their invaluable insights on the global trading system and Korea’s future in trade.”

During the two-day event, Trade Minister Kim Jong-hoon and Knowledge Economy Minister Choi Joong-kyung will give speeches, KITA said. Panel speakers include Supachai Panitchpakdi, secretary-general of the U.N. Conference on Trade and Development; Ken Ash, the OECD’s trade and agriculture director; Arancha Gonzalez, the World Trade Organization’s chief of staff; Hyun Oh-seok, president of the Korea Development Institute; and Jeffrey Shafer, former vice chairman of Citi Group’s global banking unit.

KITA forecasts that Korea would fetch $561 billion in exports and $530.5 billion in imports by the end of the year, with a trade surplus of more than $30 billion.

That would make Asia’s fourth-largest economy the latest member of the $1 trillion trade league, alongside the U.S., Germany, China, Japan, France, the Netherlands, Italy and the U.K.

By Shin Hyon-hee (heeshin@heraldcorp.com)