POSCO International produces third GAFTA Arbitrator

By Kim Jae-heun

Bae Wan-kwon

POSCO International said Wednesday that a staff member had been certified as its third grain trade expert by the London-based Grain and Feed Trade Association (GAFTA).

Bae Wan-kwon, a manager in the legal division of POSCO International, became the 82nd person in the world and the third in Korea to obtain the GAFTA Arbitrator license.

The license is used internationally to play a mediatory role in grain trading between companies when conflicts occur. Experts also give advice to grain traders.

The other two Korean GAFTA Arbitrators are also employees of POSCO International. They are General Manager Baek Sang-yun at the company's Chicago branch and Manager Kim Sung-hee at the Ukrainian office.

Only those who have obtained the GAFTA Trade Diploma (GTD) and have more than 10 years of trading experience are allowed to apply for the license and take the examination.

Bae has been appointed as an arbitrator after acquiring his GTD in 2018 and meeting the career-standard requirements.

Currently, most of the grain trade around the world adopts a standard contract set by the GAFTA. POSCO International, which has been focusing on training grain trade experts, is expected to improve its standing in the international food business industry.

Meanwhile, POSCO International believes a firm infrastructure is important to secure grain stably amid growing tension in global trade. It is pushing to expand its food business value chain by strengthening its relationship with existing infrastructure assets such as Ukraine's grain export terminal and Indonesia's palm oil farm.

Grain trading is one of the group's core businesses and POSCO international wants to beef up its capability in the field.