Xinhua, Seoul :
A multilateral trade cooperation would be needed to fight against protectionism, which does damage to emerging economies heavily depending on global trade for growth, a South Korean expert said Monday.
Emerging economies were feared to be damaged harshly amid trade tensions, Han Jae-jin, senior research fellow at Hyundai Research Institute, said in an interview with Xinhua.
South Korea’s economy was forecast to be hit hard especially in exports of intermediary goods to major economies, Han noted.
The United States triggered a global trade conflict by levying heavy tariffs on imports recklessly from major economies.
It was feared to reduce global trade and slump recovery around the world
as the tariff imposition encourages foreign governments to retaliate against
U.S. companies.
“Multilateral cooperation is necessary to break down the trade
protectionism,” said Han.
Han forecast that South Korea would closely cooperate with China through
the Regional Comprehensive Economic Partnership (RCEP) negotiations and
develop the New Southern Policy, advocated by South Korean President Moon
Jae-in to increase cooperation with Southeast Asian nations.
South Korea signed the Korea-Central America free trade agreement (FTA),
involving five Central American countries, in February. The pact among
multiple partners was forecast to take effect by the end of this year.
Han expected South Korea to strengthen multilateral trade cooperation with
emerging economies as well as partners, with which the country already signed
FTAs.
The RCEP is a multilateral free trade deal involving the 10-member
Association of Southeast Asian Nations and six other countries – China,
India, Japan, South Korea, Australia and New Zealand.
The negotiations for the RCEP, launched in November 2012, have advanced in
areas including liberalization of goods and services as well as the rules on
country of origin.
A multilateral trade cooperation would be needed to fight against protectionism, which does damage to emerging economies heavily depending on global trade for growth, a South Korean expert said Monday.
Emerging economies were feared to be damaged harshly amid trade tensions, Han Jae-jin, senior research fellow at Hyundai Research Institute, said in an interview with Xinhua.
South Korea’s economy was forecast to be hit hard especially in exports of intermediary goods to major economies, Han noted.
The United States triggered a global trade conflict by levying heavy tariffs on imports recklessly from major economies.
It was feared to reduce global trade and slump recovery around the world
as the tariff imposition encourages foreign governments to retaliate against
U.S. companies.
“Multilateral cooperation is necessary to break down the trade
protectionism,” said Han.
Han forecast that South Korea would closely cooperate with China through
the Regional Comprehensive Economic Partnership (RCEP) negotiations and
develop the New Southern Policy, advocated by South Korean President Moon
Jae-in to increase cooperation with Southeast Asian nations.
South Korea signed the Korea-Central America free trade agreement (FTA),
involving five Central American countries, in February. The pact among
multiple partners was forecast to take effect by the end of this year.
Han expected South Korea to strengthen multilateral trade cooperation with
emerging economies as well as partners, with which the country already signed
FTAs.
The RCEP is a multilateral free trade deal involving the 10-member
Association of Southeast Asian Nations and six other countries – China,
India, Japan, South Korea, Australia and New Zealand.
The negotiations for the RCEP, launched in November 2012, have advanced in
areas including liberalization of goods and services as well as the rules on
country of origin.
