Korea widens trade-hurt aid to cover foreign measures

South Korea's industry ministry said Thursday that companies hurt by foreign countries' trade measures will become eligible for government support, widening a program previously limited to firms affected by trade agreements Seoul itself has signed.

The change comes under an amendment to the Act on Responding to and Supporting Changes in the Trade Environment that takes effect Oct. 22. Until now, only companies that had suffered or expected to suffer negative effects from the implementation of trade treaties concluded by the government could apply. Support will now also go to firms damaged, or likely to be damaged, by trade and commercial measures another country has taken under its own laws, the Ministry of Trade, Industry and Energy said.

The amendment also creates a legal basis, under Article 8, for sales-channel development programs alongside the existing loans and technology and management consulting. The Trade Change Response Support Center, run by the Korea SMEs and Startups Agency, will take on the new task, giving companies a single point of contact from application guidance through lending, consulting and market-opening support.

"Companies struggling because of foreign trade measures will now be able to get help quickly," the ministry said.

Between 2008 and 2025, 603 companies received a combined 137 billion won ($103 million) in loans and consulting, according to the ministry, which said it plans to expand support further alongside the broader eligibility.