[세종=아시아경제 권해영 기자] The Ministry of Trade, Industry and Energy held an FTA strategy forum on the 24th in collaboration with the International Trade Association to review the direction of this year’s FTA in preparation for changes in the global trade order such as the Mega Free Trade Agreement (FTA).
At this first forum, expert presentations and discussions were held, focusing on the prospects and implications of the new US government’s trade policy.
Experts predict that the new US administration is currently focusing on domestic issues, but will seek solidarity with allies in trade policy to restore global leadership. In particular, digital commerce, labor, climate change/environment, supply chain, and technological competition are expected to be of interest. In addition, it is expected that the US government will put value on a multilateral system based on the World Trade Organization (WTO) norms, implement trade policies to improve domestic jobs and competitiveness, and actively utilize trade remedies to protect its own industries.
“The US will take active trade relief measures against unfair trade practices and emphasize fair trade in the WTO system,” said Kang Gu-sang, an associate researcher at the Institute for Foreign Economic Policy. “Through the US-Mexico-Canada Agreement (USMCA), The implementation of the strengthened labor and environmental provisions should be carefully looked at,” he suggested.
“Since the launch of the new US government, we are promoting investment in connection with job creation through bi-American and climate change active response policies,” said Kim Soo-dong, director of the Institute for Industry Research (KIET). “We have explored the possibility of our participation in building a reliable supply chain. I need to do it,” he advised.
Man-soo Man-soo, a senior research fellow at the Korea Financial Research Institute, said, “There is a possibility that discussions related to climate change and e-commerce will progress under a multilateral system, paying attention to issues such as democracy summit and WTO reform.” He stressed that it is necessary to prepare a response strategy.
An official from the Ministry of Industry said, “We will hold the FTA strategy forum five to six times this year to monitor changes in the trade order and discussion trends in new trade norms.”
Reporter Kwon Hae-young [email protected]