Korea will make efforts to expand economic exchanges and cooperation with Southeast Asian countries to address anticipated changes in the global trade environment, the industry ministry said Thursday, after the new U.S. administration signaled plans to implement protectionist measures.

The Ministry of Trade, Industry and Energy unveiled the vision during its forum with trade experts, pointing out that nearly 4,000 Korean companies are currently operating in the 10 member countries of the Association of Southeast Asian Nations (ASEAN).

"It has become more important than ever to expand future-oriented economic cooperation with the ASEAN region, a key area of the Global South," Deputy Minister for Trade Park Jong-won said.

"The industry ministry will proactively pursue intergovernmental coordination to ensure stable business operations for Korean businesses amid a fast-changing trade environment," he added.

Shortly after taking office, U.S. President Donald Trump signed a memorandum on "America First" trade policy, calling for a review of existing U.S. trade agreements, which may potentially affect South Korea's exports to the U.S.

Source: Korea Times
 

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