Minister Koo Yun-cheol, the Deputy Prime Minister and Minister of Economy and Finance, announced that he would soon unveil follow-up support measures to respond to the results of tariff negotiations with the United States and that the new government's 'New External Economic Strategy' would also be specified and announced shortly.
On the 2nd, Deputy Prime Minister Koo stated during his opening remarks at the 258th Ministerial Meeting on External Economic Affairs held at the Government Seoul Complex, "Through the follow-up support measures to be publicly announced soon regarding the U.S. tariff negotiations, we will reduce our corporations' tariff burdens and enhance industrial competitiveness," adding, "We will respond swiftly to the uncertainties in the trade environment with the 'Yeo-se-chwi-yi' attitude of keeping pace with changes in the world."
The meeting discussed the economic outcomes and follow-up measures from the recent summits between the U.S. and South Korea, and between South Korea and Japan, as well as the status of trade agreements with major ASEAN countries.
Regarding the U.S.-South Korea summit, Deputy Prime Minister Koo explained, "We have created an opportunity for development as a 'future-oriented alliance' that combines security, economy, and advanced technology," and added, "We will continue discussions to specify a $350 billion financial package for investment in the U.S." He also assessed that at the South Korea-Japan summit, efforts were made to strengthen economic security communication and establish a foundation for cooperation in future industries such as hydrogen and artificial intelligence (AI).
He emphasized the necessity of cooperation with ASEAN, stating, "It is essential to enhance the network with major ASEAN countries, which are among the world's top three markets," and added, "We will swiftly conclude the free trade agreement (FTA) with Malaysia and quickly finalize the Comprehensive Economic Partnership Agreement (CEPA) with Thailand." He further noted, "We will also promote improvement negotiations for the FTA with Singapore, which came into force in 2006, to reflect changes in the economic and trade environment."