(LEAD) New trade chief vows all-out efforts to manage Seoul-Washington trade risks

SEOUL, Aug. 24 - South Korea's new chief trade negotiator has pledged to put forth maximum effort in handling trade risks with Washington as the global order undergoes a major shift, according to the trade ministry. In his inaugural speech, Trade Minister Park Jung-sung highlighted tariffs, subsidies, industrial policies, supply chain alliances, and export controls as crucial elements shaping the global trade landscape, the ministry reported.

His appointment coincides with ongoing negotiations between the two nations regarding their first investment project under South Korea's $350 billion investment pledge made last year under the US trade deal. Park cautioned that tariff restructuring by the U.S. and the push to localize strategic industries are solidifying a permanent aspect of the global trade landscape, stemming from the strategic competition between the U.S. and China.

He emphasized that implementing strategic investment projects between Seoul and Washington represents the greatest challenge and opportunity in bilateral relations, aiming to forge a new framework for cooperation akin to the free trade agreement (FTA) between the two allies. The minister also stressed that South Korea's trade policy should facilitate the growth of irreplaceable industries like semiconductors, nuclear power, and shipbuilding, while securing essential technologies that are hard to substitute.

The government must also support new industries with strong growth prospects in global markets, such as Korean cultural content, consumer goods, and AI-driven sectors. Park underscored that the strength of these critical industries will drive South Korea's exports, which have surged from approximately $700 billion to a target of $1 trillion annually.

He warned that countries with irreplaceable industries are favored, while those relying solely on replaceable industries face tough decisions.