Park Jung-sung appointed as South Korea’s new trade chief

Park Jung-sung, the newly appointed Deputy Minister for Trade Negotiations at South Korea’s Ministry of Trade, Industry and Energy, has outlined a strategic vision to manage trade risks, particularly with the United States. During his inauguration ceremony, Park emphasized that strategic investment discussions between the two nations represent both a significant challenge and a major opportunity, aiming to create a new framework for bilateral cooperation comparable to the original Korea-US Free Trade Agreement (FTA).

Park highlighted the importance of securing “irreplaceable industries and technologies,” such as semiconductors, nuclear energy, and shipbuilding, to ensure South Korea’s position in the global supply chain. He noted that while the country previously had to conform to the global trade order, its growth in these critical sectors now allows it to act as a stakeholder with a voice in shaping new trade norms.

Addressing economic security, Park stressed the need to diversify markets for both resource procurement and exports. He also called for a proactive approach to stabilizing essential supply chains, including food and critical minerals, moving beyond defensive responses to trade openness.