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Korea to swiftly deal with possible US protectionist measures: minister
By 임정요Published : Nov. 23, 2016 - 13:38
South Korea's trade minister pledged Wednesday to swiftly take measures in case US President-elect Donald Trump takes protectionist measures against Seoul.
Trade, Industry and Energy Minister Joo Hyung-hwan made the comments in an inaugural session of a consultative body set up between the government and private experts to better deal with trade issues with the US.
His comments came amid concerns that Trump could strengthen protectionism. Trump has denounced the free trade pact between South Korea and the US as a "job-killing" deal and a "disaster," sparking concerns that he could push for a renegotiation of the agreement that has been in effect since 2012.
The Korea Institute for International Economic Policy, a government-funded think tank, said South Korea should deal wisely with the issues of trade sanctions and currency, noting that the new US government appears to want to deepen protectionist policies.
Trump's possible protectionist measures, if realized, could deal a blow to South Korea, a small open economy whose exports account for about half of its gross domestic product. The US is South Korea's second-largest trading partner behind China.
Joo said he will try to dispel what he calls a US misunderstanding of the trade deal, noting that South Korea more than doubled its investments and created more than 10,000 well-paid jobs in the US following the deal.
He also said South Korea should pursue economic cooperation with the new US government in such areas as infrastructure and energy development.
Trump has said on his official website that he will pursue the "America's Infrastructure First" policy that supports investments in transportation, clean water, a modern and reliable electricity grid, telecommunications, security infrastructure and other pressing domestic infrastructure needs.
Meanwhile, the Korea International Trade Association, one of the largest business organizations in South Korea, said it plans to send delegations to the US as part of efforts to build cooperative ties, though it did not elaborate. (Yonhap)
