New industry minister vows proactive response to overseas protectionism

The new industry minister on Monday vowed to move "proactively" to address protectionism measures from major trade partners, as the country focuses on maintaining export recovery momentum.

"We should respond proactively against trade measures from the European Union, China and the United States, and remove export-related hurdles in areas including finance, marketing and certification, to pave the way for exporters," Industry Minister Ahn Duk-geun said during his inauguration speech.

His remark came after South Korea's monthly exports gained 5.1 percent on-year to $57.6 billion in December, rising for the third consecutive month.

The South Korean government has been making efforts to minimize the impact of overseas trade policies from having an adverse impact on local businesses, including the Inflation Reduction Act and France's electric car subsidies rule.

Ahn noted that to maintain the upward momentum, the ministry should focus efforts on removing unnecessary regulations while offering tax benefits for companies with cutting-edge technologies.

South Korea should make efforts to diversify its export portfolio and utilize its existing trade network, including the recently struck free trade agreement with the Gulf Cooperation Council, he added.

"We also need to have the recovery trend observed in the export sector spread to other areas of people's livelihoods, which are currently suffering from high borrowing costs and inflation," Ahn said.

The minister also asked his staff to prepare policies that can further promote the digital transition in the manufacturing sector, including the adoption of artificial intelligence technologies.

Ahn pledged to work closely with international platforms, including the Indo-Pacific Economic Framework, to maintain the stable supply chain of key resources as well. (Yonhap)