Korea
International Trade Association (Chairman: Christopher Koo), Seoul National
University Graduate School of International Studies and the International Trade
Research Institute at Lee & Ko Law Firm co-hosted a seminar on the outlook
and response measures of the global trading environment in 2022.
Gwan-seop
Lee, the Vice President of KITA mentioned in his opening remarks, “Greater uncertainties
in the trading environment are surfacing, fuelled by conflicts among major
nations, such as the U.S. and China.” He also said, “We will engage more with
relevant officials from enterprises and experts from home and abroad to examine
trade risks to which our companies can be exposed and design proper response
measures.”
Gary
Hufbauer, a non-resident senior fellow at Peterson Institute for International
Economics (PIIE), took part in today’s seminar and said, “Although the
direction of the Biden administration’s trade policy maintains a similar
direction implemented during the Trump administration period, issues relevant
to social values are prioritized such as labor, environment and human rights.”
He also mentioned, “President Biden aims to cooperate with Asian nations
through Indo-Pacific Economic Framework (IPEF) - a tool to secure a favorable
position in its competition with China” and anticipated, “This plan may see
disruptions due to opposition within the Democratic Party of working with Asian
nations, which will consequently interrupt practical discussions on free-trade
this year.”
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