New KITA head vows to respond to protectionism by bolstering trade ties

Industry

New KITA head vows to respond to protectionism by bolstering trade ties

Published: 27 Feb. 2024, 16:52

LEE JAE-LIM
lee.jaelim@joongang.co.kr

Yoon Jin-shik, the newly-inaugurated chairman of the Korea International Trade Association (KITA), gives his appointment speech at Coex, southern Seoul, on Tuesday. [KITA]

Yoon Jin-sik, the newly appointed chairman of the Korea International Trade Association (KITA), vowed on Tuesday to expand the organizational network overseas, including in the United States, to better respond intensifying import regulations.

Yoon, a former trade minister, was inaugurated as the chair through a general meeting at southern Seoul’s COEX on Tuesday, succeeding former chairman Koo Ja-yeol.

Yoon emphasized that the global trade market is retracting and leading to a deterioration in Korea’s export environment as key players such as the U.S. are “pursuing industry policies centered around their own interests and strengthening protectionism.”

“To minimize the risk, the association will strengthen and expand its global network in Washington D.C.,” he told the press after the appointment ceremony held in southern Seoul.

“I will also work toward reforming the current export market, which is highly concentrated on a few products, by closely cooperating with the government, with the ultimate goal of creating a stable environment for consistent growth regardless of external circumstances.”

According to KITA’s latest 2022 data, the top three countries responsible for 47.8 percent of Korea’s export volume are China, the U.S. and Vietnam, and the nation’s top five major export items including semiconductors and automobiles take up 43.5 percent of the entire shipment volume.

Yoon has held various key roles in economic administration, having served as vice finance minister, head of the Korea Customs Service and presidential secretary for economic affairs.

BY LEE JAE-LIM [lee.jaelim@joongang.co.kr]