Industry minister vows to expand free trade portfolio to meet $700 billion export target.

Industry Minister Ahn Duk-geun speaks during a press conference at the Sejong government complex, July 18. Yonhap

Industry Minister Ahn Duk-geun pledged on Monday to make efforts to conclude additional free trade agreements with more partners to achieve the annual export target of $700 billion and provide tailored support for key products including chips and cars.

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 increase its economic security.

“We will expand the export market for Korean companies by signing new free trade agreements and improving existing agreements, and we will also make use of the IPEF,” Ahn said in an opening statement.

He referred to the Indo-Pacific Economic Framework, launched by US President Joe Biden in 2022 and involving 14 member states, including Korea, the United States and Japan.

Ahn added that the country will also “proactively respond” to global protectionist measures, including the European Union’s Carbon Border Adjustment Mechanism, which provides for the imposition of an import duty on major products equal to the carbon emissions from their production.

Meanwhile, Korean exports grew for the ninth straight month in June year-on-year, thanks to record performance from semiconductors.

Ahn said the government will further strengthen the capabilities of advanced sectors, including the chip industry, amid increasing technological competition between the US and China. (Yonhap)