Koo Yun-cheol on U.S. Section 301 Investigation: "We Will Build a Public–Private Response System and Maintain a Balance of Interests"

[Financial News] Deputy Prime Minister for Economic Affairs and Minister of Finance and Economy Koo Yun-cheol commented on the United States government’s launch of an investigation under Section 301 of the Trade Act of 1974 into overproduction and forced labor in major trading partners, saying, "The government will establish a joint public–private response system and respond in a systematic, whole-of-government manner to each area under investigation, including overproduction and forced labor."
Presiding over the 264th Ministerial Meeting on External Economic Affairs at Government Complex Seoul on the same day, Koo said, "Although the overall framework of the United States–Korea Free Trade Agreement (KORUS FTA) is expected to remain in place even after this investigation, the government will work closely together to ensure that the balance of interests already agreed between the two countries is maintained and that the outcome is not disadvantageous compared with major competing countries."
Koo noted, "The World Trade Organization (WTO) Ministerial Conference will be held in Cameroon for the first time in two years," adding, "Reform of the WTO in light of changes in the trade environment and other issues will be discussed, and the government will respond actively so that our national interests are fully reflected in the key agenda items."
In particular, Koo stated, "We intend to reorganize the composition and operation of the Ministerial Meeting on External Economic Affairs in line with shifts in the external economic environment," and continued, "By including the Ministry of Culture, Sports and Tourism (MCST) in the currently economy-focused lineup, we will work in close coordination with MCST from the policy-formulation stage so that our external economic policies keep pace with the global spread of K-culture."
Koo added, "By flexibly adjusting the scope of participants depending on the nature of the agenda and operating the Ministerial Meeting on External Economic Affairs in both streamlined and expanded formats, we will respond efficiently to increasingly complex and rapidly changing external economic issues."

syj@fnnews.com Seo Young-joon Reporter