Finance ministry seeks early response to trade uncertainty

South Korea's finance ministry said Wednesday that Deputy Prime Minister Lee Hyoung-il met trade experts in Seoul to review how changing political and policy conditions in major economies could affect Korean exporters.

The meeting, held at the government complex in Seoul, brought together Lee Si-wook, head of economic research at the Korea Chamber of Commerce and Industry, Min Jung-hoon, a professor at the National Diplomatic Academy, and Chung Chul, president of the Korea Economic Research Institute.

Lee, who also serves as minister of economy and finance, said recent shifts in the global trading environment are keeping uncertainty elevated. "The recent global trade environment continues to be uncertain due to the spread of national-first policies and the strengthening of trade barriers," he said.

The participants examined, scenario by scenario, how changes in individual countries' political and policy conditions could affect trade policy — including tariffs and industrial policy — and broader external economic relations. They also discussed what those shifts could mean for Korean companies' exports and investment, and how the government should respond.

Lee said the changes require close monitoring and preparation across a range of possible outcomes. "We need to closely examine the impact that changes in each country's political and policy environment will have on external economic conditions and to prepare proactively for various situations," he said.

"The government will closely monitor policy trends in major countries and minimize the trade uncertainty facing our companies through close communication with counterpart governments," he said. He added that the government plans to address short-term trade issues while also preparing for structural changes in the global trade order.