South Korea's trade policy overhaul to combat protectionism, boost exports
This article discusses South Korea's trade policy and how the COVID-19 pandemic affected it. South Korea aims to balance the interests of the government, big companies, and small to medium-sized businesses in their trade policies. Before the pandemic, they had a successful system to manage trade relationships. However, COVID-19 has increased global protectionism, exposing issues in South Korea's trade structure despite growing exports. To tackle protectionism and boost exports, South Korea must improve its industry to make competitive products and sign more free trade deals. They also need to address logistical challenges, move towards digitalization, and support environmental efforts. South Korea's leaders are against protectionism and prefer a mix of individual and group trade agreements.