Jeong In-kyo, Deputy Minister of Trade, Industry and Energy, attended the World Economic Forum (WEF) annual meeting in Davos, Switzerland, where he emphasized the stability of the South Korean economy during discussions with trade ministers from major countries, the Ministry of Trade, Industry and Energy noted on the 26th.
According to the Ministry of Trade, Industry and Energy, Deputy Minister Jeong held bilateral meetings with trade ministers and senior officials from major countries, including France, the Philippines, ASEAN, the Gulf Cooperation Council (GCC), Saudi Arabia, the United Kingdom, and Japan. Deputy Minister Jeong suggested enhancing cooperation in light of changes in the global trade environment, and it is reported that the counterpart also agreed.
Deputy Minister Jeong emphasized that the South Korean government is performing its duties steadfastly in key areas such as the economy and security amidst external concerns regarding recent domestic political instability, indicating that the South Korean economic system remains stable.
On the 23rd (local time), at the Davos Forum session titled 'Trade and Investment Leadership,' trade ministers from various countries and top corporate executives gathered to discuss changes in the trade policy of the new U.S. administration and their implications.
During the informal trade ministers' meeting at the World Trade Organization (WTO) on the 24th, there was an emphasis on the need to strengthen the multilateral trade system in response to the spread of protectionism, affirming that South Korea, as this year's chair of the Asia-Pacific Economic Cooperation (APEC), will successfully host the APEC trade ministers' meeting to uphold an open trade system.
In a meeting with WTO Director-General Ngozi Okonjo-Iweala, Deputy Minister Jeong proposed reform tasks for the WTO, including the incorporation of the investment facilitation agreement into the WTO system and reform of the dispute settlement system. He suggested that the WTO should evolve into a central organization addressing new trade issues such as climate change and artificial intelligence (AI).