S. Korea will expand free trade deals with emerging markets: PM

Prime Minister Han Duck-soo said Thursday that South Korea will push to expand free trade agreements (FTAs) with emerging markets in Asia and Africa to boost the export-driven economy and enhance supply chain resilience.

Han unveiled the trade policy road map during a ministerial meeting to address challenges from the rapidly changing global trade environment and supply chain disruptions.

"We will expand the FTA network in major emerging markets, including Asia and Africa, to support local companies' businesses in their global efforts," Han said.

Han noted that the government will explore ways to stabilize supply chains of key items through regional trade deals like the Indo-Pacific Economic Framework and bilateral pacts with key partner countries.

"We will actively participate in discussions on new trade norms, particularly in areas such as digital and climate, to uncover business opportunities for our companies," he said.

South Korea has signed FTAs with 59 nations, covering 21 agreements, representing about 85 percent of the world's gross domestic product.

The IPEF, a US-led regional trade pact involving 14 nations in the Indo-Pacific, last month appointed South Korea as the chair of a body dedicated to addressing supply chain crises under the agreement.

Han also introduced measures to support e-commerce exporters in entering the global market, including simplifying customs declaration procedures and expanding customs refunds to boost their price competitiveness. (Yonhap)