Experts share insights at trade forum

Trade, Industry and Energy Minister Yoon Sang-jick gives a speech at the 2015 Seoul Conference on Trade and Industry, Tuesday. The minister said Korea will continue its efforts for regional economic integration and global trade liberalization. / Courtesy of Ministry of Trade, Industry and Energy

By Yoon Ja-young

Korea will continue its support for regional economic integration and trade liberalization amid rapid shifts in the global system, the country’s trade minister said at a forum, Tuesday. Trade experts at the forum explained that Korea has much to gain by joining the Trans-Pacific Partnership (TPP).

The Ministry of Trade, Industry and Energy hosted the 2015 Seoul Conference on Trade and Industry (SCTI) in downtown Seoul, where experts from around the world had a heated discussion under the theme “A New Paradigm for the World Trading System.”

In a luncheon speech, Trade, Industry and Energy Minister Yoon Sang-jick pointed out that the world is seeing a rapid shift in trading patterns. With the agreement reached on the TPP, he said that negotiations are likely to gain momentum for other mega free trade agreements (FTAs) such as the Regional Comprehensive Economic Partnership (RCEP).

The minister added that Korea, which has spearheaded the efforts for trade liberalization by signing FTAs with 52 countries and regions, including the United States, EU and China, will continue its support for regional economic integration and global trade liberalization.

There were around 400 participants at this year’s forum, including global trade experts as well as diplomatic and foreign business leaders such as WTO Deputy Director-General Yonov Frederick Agah, Assistant United States Trade Representative Bruce Hirsh, Ambassador of the European Delegation to Korea Gerhard Sabathil, and American Chamber of Commerce in Korea President Amy Jackson.

Alan Deardorff, a professor at the University of Michigan, said that while increasing FTAs are having both good and bad effects, the move toward mega-FTAs can help tilt Korea in a more favorable direction.

Peter Petri, a professor at Brandeis University, said that Korea has little to lose and much to gain by joining the TPP ― it will be able to get closer to Japan and other markets, on top of continuing to be at the center of the global trade policy agenda.

He expects Korea to play an important role in other trade agreements, as well as working as a bridge between China and the United States as a TPP member.

The ministry, which has been co-hosting the annual event with the Korea International Trade Association, said that it aims at providing an excellent opportunity for local and foreign trade and industry professionals to examine major issues surrounding Korea from an objective and balanced perspective through insightful presentations and active discussions.