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

SEOUL, Aug. 24 (Yonhap) -- The newly appointed chief trade negotiator of South Korea has pledged to make every effort to address risks in the nation's trade relations with the United States, as the global trade landscape undergoes significant changes, the Ministry of Trade, Industry and Resources announced on Monday. During his inauguration speech, Trade Minister Park Jung-sung outlined tariffs, subsidies, industrial policies, supply chain alliances, and export controls as pivotal elements in shaping the international trade regime, according to the trade ministry.

His selection coincides with ongoing negotiations between Washington and Seoul for the initial investment endeavor under South Korea's US$350 billion investment pledge made last year under a trade agreement with the United States.

Park emphasized that the U.S.'s tariff restructuring and efforts to localize key industries are transforming strategic competition between the two nations into a constant aspect of the global trade environment. He stressed that the execution of strategic investment projects between Seoul and Washington represents the greatest challenge and opportunity in bilateral ties.

The minister further stated that South Korea's trade strategy should facilitate the development of irreplaceable industries, such as semiconductors, nuclear power, and shipbuilding, to bolster their standing within global supply chains, while safeguarding technologies that are hard to replicate. Additionally, the government must nurture emerging industries with significant growth potential in international markets, including Korean cultural content, consumer goods, and artificial intelligence-driven sectors, he added.

Acknowledging the economic security implications, Park highlighted that nations with irreplaceable industries are selected, whereas those relying solely on replaceable industries must make difficult decisions.