The Government of South Korea has officially appointed Yeo Han-Koo as the new Trade Minister, marking a strategic step in advancing the nation’s trade objectives and tariff negotiations, particularly with the United States. The announcement, made by the president’s office on Tuesday, underscores the administration’s commitment to strengthening international trade ties and addressing key sectoral challenges.
Mr. Yeo brings a wealth of experience to the position. As former chief trade negotiator from August 2021 to early 2022, he played a significant role in Korea-U.S. economic dialogue, including the amendment of the Korea-U.S. Free Trade Agreement and the Section 232 steel negotiations. His previous diplomatic assignment as commercial attaché at the Korean Embassy in Washington further solidifies his credentials in managing complex trade discussions.
His recent work as a senior fellow at the Peterson Institute for International Economics has enhanced his perspective on global trade dynamics, aligning him well with South Korea’s current priorities.
The appointment comes as South Korea prepares to resume discussions with the United States, with the aim of reducing the 25% tariff temporarily imposed on Korean exports. These sectoral tariffs have impacted key South Korean industries such as automotive, aluminum, and steel. With negotiations expected to accelerate before the current suspension expires in early July, Minister Yeo’s leadership is seen as timely and critical.
In a related development, the administration also appointed Lee Hyoung-il, current head of the national statistics agency, as First Vice Finance Minister. He will oversee operations at the Ministry of Economy and Finance until a permanent finance minister is selected.
This strategic leadership realignment reflects South Korea’s proactive approach to restoring momentum in international trade negotiations and reinforcing its commitment to an open and balanced global trade environment.
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