S Korea: Trade minister stresses on need to work with like-minded nations

Seoul: South Korean Trade Minister Cheong In-kyo on Wednesday emphasised the importance of a robust multilateral trading system to support the country's strong exports and stable supply chains amid growing global uncertainties, including the launch of a new US administration.

Cheong made the remark during a virtual meeting with government officials, where participants discussed ways to address trade uncertainties through methods beyond bilateral agreements, Yonhap news agency reported quoting the Ministry of Trade, Industry and Energy.

"In order to address major trade-related agendas, the country needs to closely coordinate with like-minded nations under multilateral platforms," Cheong said in a press release.

During the meeting, participants discussed potential changes in the multilateral trade regime led by the World Trade Organisation (WTO) following the launch of a new US administration next month.

"We need to advance discussions on new global challenges, including Artificial Intelligence, digital transformation and climate change, at the WTO, alongside other major existing agendas," the trade minister added.

Cheong noted the government will hold related discussions at next year's Asia-Pacific Economic Cooperation meeting of trade ministers, which will be hosted by South Korea.

Earlier in the day, the government unveiled a series of measures to stimulate corporate investment in key industries, aiming to address concerns that recent political turmoil could have long-term negative effects on the economy.

The plan was introduced during a meeting chaired by Finance Minister Choi Sang-mok and attended by other economy-related ministers, amid rising concerns following the recent declaration of martial law and the impeachment of President Yoon Suk Yeol.