November 22, 2024

• 

Yoon Jin-shik, the new chairman of the Korea International Trade Association, speaks at a general meeting, at Coex in southern Seoul, Tuesday. (KITA)

Former Industry Minister Yoon Jin-shik officially took the reins of the Korea International Trade Association, the nation's largest trade lobby group, after being approved at a general meeting on Tuesday.

"Korea's exports experienced difficulties with the slowdown of the global economy but it will improve," Yoon said at a press event held after the meeting. "The biggest problem with exports is that they focus heavily on a certain region, while products are limited. The structure is vulnerable.”

Earlier this year, the KITA projected Korea's exports to reach $680 billion in 2024, marking a 7.5 percent on-year rise, while seeing a $14 billion trade surplus. Yet, challenges remain, Yoon viewed.

“Geopolitical risks, including (Russia’s invasion of) Ukraine, tensions in the Middle East region, and China-US trade rivalry are concerning. Furthermore, the US presidential election will be a major variable,” he said.

The new chairman vowed to expand the KITA's office in Washington before the US presidential election slated for November in preparation for possible changes in its trade policy.

He said that the KITA will have to respond to heightened uncertainties after the election.

"As a private organization, we should focus on areas the government cannot cover, such as inducing policy changes of other countries through establishing ties with overseas counterparts," he said.

Yoon will serve a three-year term at the KITA, replacing the former chief Koo Ja-yeol, chairman of LS Group.

Yoon comes from a civil service background. He served as the head of the Ministry of Commerce, Industry and Energy, now known as the Ministry of Trade, Industry and Energy, and the Korea Customs Service. Yoon also was a special adviser to President Yoon Suk Yeol when he was a presidential candidate and the president-elect.

“The focus of all the economic policies of Korea is on securing competitiveness by expanding exports," Yoon said, noting that his past careers in economic policymaking will be helpful in serving as the chief of the KITA.

“In the short term, the KITA’s goal is to see an increase in exports,” Yoon said. “In the mid-to-long term, we will work to rectify Korea’s trade structure which is unequally distributed by both items and regions."

By Im Eun-byel (silverstar@heraldcorp.com)