Seoul: South Korea will leverage its existing economic cooperation network built through summit diplomacy to address lingering uncertainties in the global trade environment, including geopolitical tensions in the Middle East, the finance ministry said Monday. Finance Minister Koo Yun-cheol made the remarks during a meeting with relevant ministries on external economic affairs, stressing the need to address pending risks while securing new growth engines.
According to Yonhap News Agency, Koo emphasized that South Korea will proactively use the foundation for economic cooperation developed through summit diplomacy. He noted that relevant ministries will promptly implement the MOUs signed during these summits. The government's focus will be on ensuring stable management of external risks while continuing to build cooperation with new markets, thereby supporting South Korean companies in expanding their global business opportunities.
During the meeting, the government also vowed to maintain coordination with Washington after the Office of the U.S. Trade Representative (USTR) recently proposed a 12.5 percent tariff on South Korea and dozens of other economies over their alleged failure to enforce import bans on products made with forced labor. The finance ministry stated that talks with the U.S. would continue to manage the trade relationship stably. South Korea will also fulfill its investment pledge to the U.S. by reviewing the viability of potential projects closely.
The meeting also covered the progress of ongoing negotiations with Bangladesh on a Comprehensive Economic Partnership Agreement (CEPA), aiming to expand bilateral cooperation in infrastructure, manufacturing, energy, and other key sectors. Other agenda items included official development assistance (ODA) projects in the artificial intelligence (AI) sector under South Korea's vision of promoting a "Global AI Basic Society," intended to provide access to the technology for all.
The finance ministry mentioned plans to promote Seoul's signature AI business models to developing countries, with ODA projects supporting South Korean companies' expansion into overseas markets. These packages will include AI solutions, data centers, and energy infrastructure, focusing on sectors such as water management, health care, energy, transportation, and education.