Industry minister vows to expand free trade portfolio for export target of US$700 bln

Industry Minister Ahn Duk-geun on Monday pledged to make efforts to secure additional free trade agreements with more partners to achieve the annual export target of US$700 billion, and offer tailored support for key products including chips and automobiles. Ahn made the remarks during a meeting of the parliamentary committee on trade, industry, energy, SMEs and startups, noting that such measures will help the country enhance its economic security. "We will expand the export market for South Korean firms by signing new free trade agreements while improving existing ones, and also utilizing the IPEF," Ahn said in an opening statement. He was referring to the Indo-Pacific Economic Framework, which was launched by U.S. President Joe Biden in 2022, involving 14 member nations, including South Korea, the United States and Japan. Ahn added that the country will also "proactively respond" to global protectionism measures, including the European Union's Carbon Border Adjustment Mechanism, which calls for levyin g an import charge on key items equivalent to their carbon emissions from production. South Korea's exports, meanwhile, extended on-year gains to the ninth straight month as of June on the back of record performance of semiconductors. Ahn said the government will further strengthen the capabilities of cutting-edge sectors, including the chip industry, amid intensifying technology competition between the U.S. and China. Source: Yonhap News Agency