South Korea's finance chief urges broader trade ties amid global uncertainties
Finance Minister Lee Hyoung-il called for expanding South Korea's trade network to counter economic fragmentation and protectionist trends.
At a meeting of international economic affairs ministers, Finance Minister Lee Hyoung-il emphasized the need for South Korea to broaden its trade relationships in response to growing economic fragmentation and protectionist measures. While noting that the nation's exports remain robust, he pledged close monitoring of trade issues with key countries and intensified diplomatic engagement to manage risks. Lee outlined strategies to strengthen domestic output, expand stockpiles and establish overseas production capacity to mitigate disruptions from Middle-East tensions and the U.S.-China conflict.
He also mentioned upcoming summit-level talks aimed at securing supply-chain cooperation with major economies. Additionally, the minister warned of external threats such as fiscal crises in major nations, high interest rates and potential shifts in AI industry investment, promising to address these challenges proactively.
Why it matters
Diversifying trade helps South Korea reduce reliance on a few markets and shields its economy from global shocks.
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