KITA calls for eased regulations to boost faltering exports

• Published date: 23 February 2023
• Publication title: The Korea Times

Koo Ja-yeol, chairman of the Korea International Trade Association, speaks at the 2023 KITA General Meeting held at COEX in Seoul, Wednesday. Courtesy of KITA

By Kim Hyun-bin

Koo Ja-yeol, head of the Korea International Trade Association (KITA), emphasized that the association will do its best to overcome the export crisis by fulfilling its duty as a communication channel, during the 2023 KITA General Meeting held at COEX in Seoul with around 600 representatives of the trade association's member companies in attendance, Wednesday.

"The paradigm of our trade has been changing rapidly in the past few years, becoming a great shock," Koo said. "The U.S.-China conflict has expanded to technology and supply chains while new trade issues such as carbon neutrality, security, digital and labor are emerging rapidly. Especially last January, exports decreased significantly due to sluggish semiconductors and trade with China, and the trade deficit also recorded a record high."

The chairman emphasized that KITA needs to strengthen its role and enhance communications in related fields.

"We will make the most of the association's global network and resources to hold economic cooperation events with major countries and create tangible results. We will create more business opportunities centered on...