Business is booming.

South Korea’s trade minister says supply chain resilience must be post-pandemic focus

71


The coronavirus pandemic has forced a “fundamental shift” in global trade policies as governments increasingly focus on supply-chain resilience and securing access to next-generation technology, according to South Korea’s trade minister.

Yeo Han-koo told the Financial Times that the traditional attention to market access and supply-chain efficiency had been found wanting.

“The scope of trade policy that we had before the pandemic — basically just market opening in trade in goods and services, rules of origin and so on — that is not the trade policy that we are witnessing in this new era,” said Yeo.

“Digitalisation, supply-chain vulnerability and developing the rules of the road for emerging technologies: these are the new challenges.”

Yeo cited an acute shortage of diesel exhaust fluid in November as an example of a supply-chain shock that had rattled policymakers.

South Korea depends on China for more than 97 per cent of its DEF imports. But after Beijing restricted exports of urea, an essential ingredient in DEF used to reduce toxic emissions from diesel engines, the country’s logistics sector faced imminent paralysis.

The South Korean military was forced to airlift tens of thousands of litres of the fluid from Australia, south-east Asia and the Middle East.

“This was not even a high-tech product, but we woke up one morning to realise that we were relying on just one country. We need early-warning systems to stop these situations from developing into something serious,” said Yeo.

Yeo Han-koo
Yeo Han-koo said US trade representative Katherine Tai’s role in resolving a dispute between South Korean companies LG and SK was an example of what ‘active trade authorities’ can do © South Korean ministry of trade industry and energy

South Korea is the world’s eighth-largest exporter of goods and services, according to the World Bank. Booming trade in chips, cars and ships is driving the country’s economic recovery from the Covid crisis, with exports and trade volume expected to reach records this year.

Asia’s fourth-biggest economy announced this month that it was preparing to apply to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership after China’s bid to enter the regional trade pact assuaged Seoul’s fears of upsetting its biggest trade partner.

But it is unclear how Seoul’s formal application, which is expected to be submitted before President Moon Jae-in’s term ends in May, will be received in Japan.

The countries are embroiled in a dispute at the World Trade Organization over export controls that Tokyo imposed on South Korean semiconductor components in 2019 linked to a fight over Japan’s wartime occupation of Korea. All members of the CPTTP must approve any entrants to the pact.

Yeo admitted that “we haven’t really had the chance to have in-depth conversations” but insisted that the responsibility for improving relations lies squarely with Tokyo.

“It is Japan that imposed these export control measures, and since then Korea has rectified all of the issues that Japan has raised,” he said. “So it is Japan’s turn to come forward with a more positive, more constructive stance and see how we could solve this problem.”

Separately, Yeo insisted that Seoul would not “take sides” in the dispute between the US and China.

“The previous equilibrium in US-China relations has been broken, so now everyone is recalibrating to find a new equilibrium,” said Yeo.

South Korea and like-minded governments “don’t want this conflict leading to more serious chaos in the world economy”, he added.

“It is not only Korea. Many countries in the region face a similar situation.”

Seoul has worked closely with Joe Biden’s administration to deliver on Washington’s priorities in sectors including electric vehicles and semiconductors.

Yeo praised Katherine Tai, the US trade representative, for her intervention to broker a settlement to end a bitter dispute between the battery-making affiliates of Korean companies SK and LG.

The disagreement had threatened the future of SK’s $2.6bn battery plant in the US state of Georgia, and Ford and Volkswagen’s plans to build electric vehicles in America.

“Katherine Tai’s intervention saved thousands of jobs and the US-South Korea supply chain in EV batteries,” said Yeo. “It was an example of what active trade authorities can do.”

But he acknowledged that South Korean chipmakers had been unsettled by US demands for details about chip supply and demand, inventory and different customer segments.

“Companies will worry that this kind of information may reveal sensitive information related to their consumers and their business secrets,” he said. “We have communicated our concern, and the US has communicated that it understands that concern.”

Trade Secrets

The FT has revamped Trade Secrets, its must-read daily briefing on the changing face of international trade and globalisation.

Sign up here to understand which countries, companies and technologies are shaping the new global economy.



Source link

71 Comments
  1. Xmysli says

    brand levaquin 250mg levaquin 500mg canada

  2. Oxiont says

    avodart 0.5mg ca celecoxib 200mg oral ondansetron 8mg price

  3. Zduaxl says

    order spironolactone for sale buy valacyclovir 500mg without prescription order fluconazole pills

  4. Toftwe says

    buy ampicillin 500mg online cheap buy cephalexin 125mg without prescription buy erythromycin online

  5. Skbxua says

    brand fildena 100mg order methocarbamol online robaxin us

  6. Eneblc says

    suhagra pill buy estrace 2mg without prescription estradiol canada

  7. Tzwjpq says

    purchase lamictal buy generic retin gel buy tretinoin cream online

  8. Idxjjr says

    buy tadalis 10mg pills buy diclofenac online cheap purchase voltaren online

  9. Bfbvmz says

    order generic isotretinoin 20mg isotretinoin 20mg sale purchase azithromycin online cheap

  10. Atimzn says

    order indomethacin 75mg cost cefixime 200mg purchase trimox sale

  11. Uugofo says

    buy tadalafil 5mg for sale online drugstore sildenafil us

  12. Sewgjg says

    arimidex sale Buy viagra us sildenafil australia

  13. Ijpdih says

    cialis 10mg sans ordonnance en pharmacie cialis 40mg en ligne viagra 25mg comprimГ©

  14. Jptvls says

    prednisone pill sildenafil overnight brand viagra pills

  15. Oaqvcb says

    original tadalafil 5mg rezeptfrei sicher kaufen cialis 10mg für frauen viagra 50mg kaufen für männer

  16. Tjkcuy says

    order accutane 20mg without prescription order azithromycin 500mg online cheap generic ivermectin for humans

  17. Ofgghr says

    doxycycline 200mg price order doxycycline 200mg pills order furosemide 100mg online

  18. Ykomnz says

    ramipril medication irbesartan 150mg ca buy astelin 10ml

  19. Idsgys says

    clonidine 0.1 mg tablet spiriva 9mcg pills purchase tiotropium bromide pill

  20. Axvpep says

    terazosin 1mg over the counter pioglitazone pills cost sulfasalazine 500mg

  21. Cbqdcx says

    order fosamax 70mg paracetamol online buy cost famotidine 40mg

  22. Yaabfj says

    benicar 10mg usa calan for sale diamox 250mg canada

  23. Ojaknw says

    prograf 5mg tablet buy tacrolimus sale order ursodiol online

  24. Qxfkad says

    purchase isosorbide pill lanoxin 250 mg for sale buy telmisartan sale

  25. Omkovl says

    order bupropion generic strattera order seroquel 100mg for sale

  26. Obnwti says

    purchase molnupiravir pill purchase prevacid online cost lansoprazole 30mg

  27. Bbhiaz says

    imuran 100mcg canada order imuran 100mcg order viagra 100mg sale

  28. Xjqqos says

    cialis next day delivery usa prozac ca cheap viagra 100mg

  29. Lqthyq says

    tadalafil 20mg phenazopyridine order symmetrel cost

  30. Zwsauv says

    dapsone buy online order allegra 180mg online cheap aceon 4mg oral

  31. Gqxobl says

    purchase provera online order medroxyprogesterone generic periactin 4 mg oral

  32. Igkkce says

    modafinil 100mg cheap order stromectol 12mg online cheap ivermectin 6mg online

  33. Qfzxki says

    purchase luvox for sale fluvoxamine 100mg ca buy generic glipizide

  34. Ciwzvq says

    isotretinoin online buy accutane 20mg brand deltasone over the counter

  35. Qtathm says

    buy nootropil 800 mg generic order piracetam 800mg generic buy viagra 50mg pill

  36. Gvkpnv says

    purchase zithromax online cheap neurontin 100mg pill gabapentin 600mg usa

  37. Jqokqb says

    buy tadalafil 5mg online cheap tadalafil cheap levitra or viagra

  38. Dmygyf says

    lasix online buy purchase hydroxychloroquine pill hydroxychloroquine pills

  39. Skrcsa says

    sporanox 100mg tablet tinidazole uk tindamax online

  40. Wydggb says

    order glycomet 1000mg generic order glycomet 500mg generic cialis 5mg for sale

  41. Zdicei says

    order zyprexa online cheap nebivolol sale order valsartan 80mg sale

  42. Adwysj says

    buy amlodipine 10mg online cheap order norvasc 5mg generic cialis 10mg pills

  43. Jcyfdp says

    buy clozaril for sale clozaril 100mg sale order dexamethasone 0,5 mg

  44. Tfhrnr says

    viagra pills 200mg sildenafil 25mg price oral lisinopril 10mg

  45. Ivqgbk says

    linezolid over the counter buy linezolid 600 mg online poker online real money

  46. Ynwvzy says

    omeprazole over the counter blackjack vegas free online games slot games online free

  47. Opzern says

    buy metoprolol sale purchase atenolol online cheap purchase vardenafil generic

  48. Odsjui says

    buying an essay play online blackjack for real money online casino slots no download

  49. Gstbqf says

    buy vardenafil 20mg pill generic levitra 20mg methylprednisolone 4mg tablet

  50. Msemay says

    help write my paper write my cover letter for me buy viagra 100mg pills

  51. Kyolcu says

    brand clomid clomiphene tablet casino games online real money

  52. Iqpycp says

    tadalafil 10mg uk buy tadalafil 20mg online sildenafil next day

  53. Vvjopp says

    triamcinolone for sale order desloratadine without prescription purchase desloratadine sale

  54. Wlhwir says

    order dapoxetine 60mg pill order misoprostol pills synthroid usa

  55. Pqeeym says

    tadalafil otc real cialis pharmacy prescription sildenafil mail order

  56. Jpojsb says

    buy xenical 60mg online cheap diltiazem sale buy zovirax 400mg generic

  57. Cliuyt says

    order allopurinol pills zetia 10mg sale order ezetimibe generic

  58. Ljrcqi says

    losartan cheap purchase topiramate generic order topiramate online

  59. Cleyvi says

    order baclofen online order toradol without prescription toradol over the counter

  60. Bxxofi says

    generic imitrex order dutasteride generic buy avodart pills

  61. Wjgyxq says

    buy colchicine 0.5mg generic gloperba us slot machine

  62. Kbfkwa says

    zantac drug order ranitidine for sale order celecoxib generic

  63. Sygtxm says

    play online blackjack real money casinos casino game

  64. Qqzpop says

    cheap tamsulosin 0.4mg cheap tamsulosin buy aldactone 100mg sale

  65. Uqjikh says

    buy tadalafil 40mg without prescription order generic ciprofloxacin 1000mg ciprofloxacin 500mg oral

  66. Hdoeaa says

    zocor 20mg drug simvastatin 20mg drug order proscar 5mg online

  67. Spxdek says

    diflucan 200mg for sale diflucan 100mg over the counter viagra 100mg drug

  68. Linqzg says

    keflex 250mg us brand cleocin erythromycin 500mg tablet

  69. Zbahvq says

    us pharmacy cialis tadalafil 10mg for sale viagra 100mg usa

  70. Pfsbqb says

    sildenafil for men over 50 generic viagra 100mg cialis pills 20mg

  71. Hsqxfd says

    free welcome spins no deposit play poker online for money cheap cialis sale

Leave A Reply

Your email address will not be published.