South Korea needs to strengthen its trilateral alliance with the United States and Japan in trade and investment to overcome global geo-economic challenges and supply chain disruptions triggered by COVID-19, said Jun Kwang-woo, chairman of the Institute for Global Economics.
The COVID-19 pandemic and the war in Ukraine have increasingly polarized the world economy, which centers around the US and China. This caused a shift in the global economic paradigm, leading to closer links between national security and the economy.
“As a country that follows liberal democracy and the market economy, it is more important than ever to actively participate in alliances centered on the United States and form alliances with a reciprocal perspective so that Korean businesses can make a soft landing in the post-COVID-19 era,” Jun said during an interview with The Korea Herald ahead of Herald Corp.’s May 24 forum to celebrate the newspaper’s 70th anniversary.
Jun will give a speech at the upcoming forum on “Economic Alliance: Global Geo-economic Challenges and Response Strategies.”
He suggested that South Korea, the US and Japan should strengthen their economic cooperation broadly in four dimensions: trade, investment, international economic governance and the promotion of a sustainable and resilient economy.
“The three countries should strengthen their trade relationships and establish new trade agreements with other countries. This can be achieved by reducing barriers to trade, promoting investment and supporting small and medium-sized enterprises,” he said.
Source : ANN
