Ministry of Trade, Industry and Energy

Minister for Trade Inkyo Cheong of the Republic of Korea chaired the 40th Trade Promotion Committee meeting today at the Korea Chamber of Commerce and Industry (KCCI) in Seoul and led discussions on key agenda items and plans regarding the Trade Policy Roadmap implementation, upcoming U.S. presidential elections, and bilateral Supply Chain Partnership Arrangements (SCPAs).

At the meeting, representatives of economy and trade related ministries agreed to swiftly establish plans for implementing the Trade Policy Roadmap announced this August in order to respond to the increasingly volatile trade environment and intensifying geopolitical risks. They also discussed the U.S. presidential election situation and exchanged views on plans going forward.

Concerning the bilateral SCPA signed with Singapore on October 8 on the margins of the Korea-Singapore summit, attendees discussed measures to expand the supply chain partnership network by pushing SCPAs with other major countries as well.

In view of recently increasing global uncertainties and geopolitical crises, Trade Minister Cheong noted the importance of minimizing business uncertainties for companies through the prompt implementation of the Trade Policy Roadmap and careful preparation with respect to the U.S. elections. 

The trade chief further shared plans to build multilevel supply chain solidarity by widening the scope of the SCPA, which is the Indo-Pacific Economic Framework for Prosperity (IPEF) Supply Chain Agreement upgraded to a bilateral agreement.