The Private Advisory Committee of the Ministry of Trade, Industry and Energy held… Aim to sign FTAs with 10 countries
The government is promoting the conclusion of the Trade and Investment Promotion Framework (TIPF) with more than 20 countries this year to develop new overseas markets and diversify supply chains.
Ahn Deok-geun, head of the Trade Negotiation Headquarters of the Ministry of Trade, Industry and Energy, hosted the ’16th Trade Negotiation Private Advisory Committee’ held at the Lotte Hotel in Jung-gu, Seoul on the 11th and shared the direction of trade policy.
The Ministry of Trade, Industry and Energy plans to complete TIPF, a comprehensive cooperation system covering trade, investment, supply chain, and energy, with countries that are difficult to reach a free trade agreement (FTA) or that require strategic cooperation .
In addition, the strategy is to expand cooperation with emerging countries with vast resources and population by completing FTAs with more than 10 new countries this year.
Existing FTAs focused on market opening will be converted into an Economic Partnership Agreement (EPA) detailing cooperation in new trade areas such as the supply chain.
It will also respond to newly formed trade norms for each major economic bloc. The Indo-Pacific Economic Framework (IPEF) aims to actively engage in discussions and produce results within this year.
During the first quarter of this year, it plans to complete negotiations on joining the Digital Economic Partnership Agreement (DEPA), a trans-Pacific digital economic partnership that includes Singapore, New Zealand and Chile.
In order to make Korea a hub for global investment, technology and manpower, we will also begin overhauling laws and regulations related to the promotion of foreign investment.
The plan is to promote a plan to provide cash support not only for new and expanded factories, but also for process replacement investment for high-tech industry conversion, and increase cash support for high-tech strategic technology investment by 40 % to 50%.
Reporter Changhyun Lee of Hellotti |