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S. Korea to make all-out efforts to deal with external risks: finance minister

All Headlines 10:49 July 12, 2017

SEOUL, July 12 (Yonhap) -- South Korea's top economic policy chief said Wednesday that he will make all-out efforts to stave off any fallout from heightening external pressures, such as a potential U.S. rate hike and spreading trade protectionism.

"We are facing Washington's tightening monetary policy and a trend toward trade protectionism," Finance Minister Kim Dong-yeon said in a policy meeting in Seoul. "We need concerted efforts to deal with such risks."

In line with changes, he said the government will announce a policy road map of the new Moon Jae-in government later this month, which is focused on risk management.

"We have to give coherent messages to the market," the minister said. "The government will outline a detailed scenario after reviewing each possible risk in a pre-emptive way."

Kim also said at the latest Group of 20 summit, held in Germany last week, the world leaders discussed issues like North Korea's recent provocations and agreed to support free trade.

"At the G-20 summit, there was a general consensus about opposing protectionism and promoting free trade," said Kim, who accompanied President Moon to last week's international conference. "The government will pay more attention to exports and trade surplus as the world economy is doing better."

On the back of an upturn in global trade and oil prices, Asia's fourth-largest economy has seen its exports rise since November last year. This has improved the country's economy-related data.

South Korea's Finance Minister Kim Dong-yeon (L) speaks at a policy meeting in Seoul on July 12, 2017. (Yonhap)

brk@yna.co.kr
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